FX.co ★ USD/CAD Forecast for March 7, 2025

The Canadian dollar briefly pierced the 1.4260 support level (the January 20 low) with the lower shadow of Thursday's daily candlestick, but only to precisely test the 76.4% Fibonacci retracement level from the February 14–March 3 movement.

The Marlin oscillator's signal line has turned upward from the neutral zero line, suggesting a potential reversal aimed at retesting the 1.4465 resistance level (the January 3 high). A breakout above this level would open the door to 1.4667, the March 2020 high.

On the H4 chart, price is currently balancing between 1.4260 support and the MACD line, likely awaiting today's U.S. employment data. The overall bias remains bullish, and a breakout above the MACD line (1.4354) would reinforce a bullish continuation.