USDCAD forecast: the market awaits the Canadian and US employment statistics today

The USDCAD rate is undergoing a downward correction, falling to the area around 1.4300. Today, the market will focus on employment statistics from Canada and the US. Discover more in our analysis for 7 March 2025.

USDCAD forecast: key trading points

• Market focus: the market is awaiting the US and Canadian employment data today
• Current trend: correcting downwards
• USDCAD forecast for 7 March 2025: 1.4150 and 1.4400

Fundamental analysis

USDCAD price is moderately declining after last week’s strong growth. The CAD remains under pressure from tariffs on Canadian goods (25%) and energy resources (10%) imposed by US President Donald Trump.

Market participants will primarily focus on employment statistics for February, with Canada’s net change in employment and the unemployment rate and the US Nonfarm Payrolls and the unemployment rate scheduled for release. The data to be published may lead to sharp changes in the USDCAD rate.

USDCAD technical analysis

On the daily chart, the USDCAD pair is undergoing a correction within the uptrend; it formed an upward reversal from the 1.4150 support level last week. The quotes have now returned to 1.4300, while the Alligator indicator still confirms the uptrend.

The short-term USDCAD price forecast suggests that the pair could rise to the 1.4400 resistance level if the bulls hold the quotes above the 1.4240 support level. However, if the bears push the price below 1.4240, it could decline further to 1.4150.

Summary

The USDCAD pair is correcting, plunging to 1.4300. Today, market participants are awaiting the release of the US and Canadian employment statistics.