USD/CAD Under Pressure Throughout the WeekUSD/CADOANDA:USDCADNouzTraderUSD/CAD USDCAD consolidated below the 1.3800 psychological threshold throughout the Asian session on Friday, September 4, 2026, hovering close to two-week lows. -------------------------------------------------------------------------------------------------------------- ✅ Canadian & Commodity Front: Hawkish BoC, High Oil Prices & Ottawa's Labor Data Release The Canadian Dollar (CAD) is benefiting from two key fundamental drivers: - ⚡Hawkish Bank of Canada (BoC) Stance: The BoC's September policy announcement signaled clearly that the central bank is prepared to maintain high interest rates to curb stubborn domestic inflation. This stance has fueled demand for the Canadian Dollar. - ⚡Crude Oil at July 24 Highs: Crude oil prices (WTI/Brent) are trading steadily near their highest levels since July 24, driven by a geopolitical risk premium (war risk premium) stemming from US-Iran military clashes in the Strait of Hormuz. This surge in energy commodities provides an intrinsic boost to the CAD, a "petro-currency." - ⚡Canadian Labor Data Catalyst Tonight (19:30 WIB): Canada's Employment Change and Unemployment Rate reports will be released alongside the US Non-Farm Payrolls (NFP) tonight, setting the direction for the exchange rate trend. -------------------------------------------------------------------------------------------------------------- ✅ Technical Analysis From a technical perspective on the daily chart, a break below the 61.8% Fibonacci retracement level confirms seller dominance (the path of least resistance is down): - ⚡Significance of the 1.3819–1.3920 Resistance Zone: Any attempted rebound is expected to face aggressive selling pressure ("sell on rallies") as long as the spot price trades below the Fibonacci cluster at 1.3819 and 1.3920 (representing the 61.8% retracement level). - ⚡Further Downside Targets: A clean break below the daily consolidation area would expose a direct test of the 78.6% Fibonacci level at 1.3702, before potentially heading toward the 100% Fibonacci structural low at 1.3554.