USDCAD Monthly Review: July Was a Masterclass in Trading Bitcoin Historical Volatility IndexBITMEX:BVOL24HKingCephas2026July wasn't just another trading month. It was a lesson in how markets reprice expectations. USDCAD experienced multiple directional shifts as traders reacted to changing macroeconomic narratives rather than simply responding to economic headlines. The biggest catalyst came from the Federal Reserve. Many participants expected another 25 bp rate hike. Instead, the Fed held rates unchanged, prompting markets to reassess the outlook for US monetary policy. Later in the month, US Core PCE came in 0.1% below forecasts, reinforcing the view that inflation is gradually cooling and reducing expectations for additional tightening. On the Canadian side, softer CPI data and new US tariffs weighed on CAD. However, geopolitical tensions in the Middle East pushed crude oil prices significantly higher, helping support the Canadian dollar. Technically, USDCAD respected the Fibonacci framework throughout the month. - 23.6% acted as major resistance. - 38.2% repeatedly became the battleground between buyers and sellers. - 50% emerged as critical support after several sharp declines. The market rewarded traders who waited for confirmation instead of chasing momentum. As August begins, the key question is whether softer US inflation will continue weakening the dollar or whether new macro catalysts will return buyers to the market. Patience, structure, and disciplined execution remain my focus. What do you expect from USDCAD in August?