The Canadian Dollar (CAD) continues to hold on the weak side against the US Dollar (USD) on Thursday, finding some brakes to slow a near-term one-sided backslide—but not enough to stage a meaningful technical recovery.

### Canadian Ivey Purchasing Managers Index (PMI) Disappoints

October’s Canadian Ivey Purchasing Managers Index (PMI) figures did little to support the Canadian Dollar. The aggregated survey results showed an even sharper decline in month-to-month business operator sentiment than expected. Although the Ivey PMI landed firmly within recent volatility, the sharp downturn is a stark reminder for CAD-focused investors that economic activity north of the 49th parallel remains constrained.

### Market Movers: Canadian Dollar Struggles Against the Tide

The Canadian Dollar has slowed its recent decline, but a bullish turnaround is not yet in sight. Over the past six consecutive trading days, the Loonie has lost 1.81% top-to-bottom against the Greenback.

October’s Canadian Ivey PMI survey results fell to 52.4—an even steeper contraction than the expected decrease from 59.8 to 55.2. While this figure remains within recent volatility, it mainly serves as a soft signal that the Canadian economy is struggling to find its footing amid steep tariff impacts.

Meanwhile, in the US, one of the worst non-Covid-related Challenger Job Cuts reports on record was released, showing a net 153,000 job cuts in October. Although private data surveys like this tend to be volatile and don’t always correlate directly with official datasets, the steep job cuts figure is receiving additional scrutiny. This is especially true during the longest US government shutdown in history, when investors lack valuable official economic data.

### Canadian Dollar Price Forecast

USD/CAD continues its strong advance, closing near 1.4120 after a one-sided bull run following a technical bounce from the 200-day Exponential Moving Average (EMA) near 1.3900. The pair has posted a steady sequence of higher highs and higher lows since late September, reflecting robust demand for the US Dollar against the Canadian Dollar.

Momentum appears stretched, with the daily Relative Strength Index (RSI) hovering around 70, signaling overbought conditions. This could invite short-term profit-taking.

Initial support is seen near 1.4000, followed by 1.3900 at the 200-day EMA. Resistance levels sit at 1.4150, with the next key high at 1.4415. Traders are closely watching whether the pair can hold above the 1.41 area to confirm continued bullish momentum into mid-November.

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**USD/CAD Daily Chart Analysis:**
The current trend shows strong US Dollar demand against the Canadian Dollar, but overbought momentum suggests potential consolidation or pullback in the near term.
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