USDCAD Steadies Near 1.4160 as Oil Rally Bolsters CAD

USDCAD has settled around 1.4160–1.4163 after repeatedly failing at the 1.4247 triple-top resistance formed in late June. The pair surged from the May 1 low at 1.3549 to that peak before entering a narrow 100-pip consolidation range between 1.4149 and 1.4247. Renewed Middle East supply risks drove WTI crude sharply higher, lending support to the commodity-linked CAD, while Canada’s stronger-than-expected June jobs report added further buying pressure. Price has remained above the 100-day moving average and key support at 1.4145, keeping the broader uptrend intact ahead of US CPI and the Bank of Canada decision.