USD/CAD, Silver Outlook: Dollar Weakness Lifts Havens Once Again

Key Events

DXY tests 99.30 support, USD/CAD approaches 1.38 key level
Silver climbs back above 33, Gold above 3,300, fueled by haven and tech momentum
Trump policies unsettle markets, latest shock: Harvard international student ban

Markets have shifted back to risk-off mode as optimism from trade headlines fades and broader concerns about U.S. fiscal policy and Trump’s political agenda dominate. The latest disruptions—including the proposed international student ban from Harvard—are eroding the recently revived risk appetite that followed tariff pauses and trade progress.

In market terms, the U.S. dollar has returned to critical lows, pushing major currency pairs closer to their 2025 extremes. While indices are in a pull back mode, only the Nasdaq is maintaining its bullish hold, supported by tech sector resilience.

Meanwhile, precious metals are back in focus, with silver above $33 and gold above $3,300, signaling renewed haven demand.

What are the key levels to watch?

USDCAD Outlook: Weekly Time Frame – Log Scale

Source: Tradingview

In line with broad DXY weakness, USD/CAD is testing the critical 1.3800 support. A confirmed break below this level could trigger further downside toward 1.3750, 1.3600, and—if momentum builds—1.3400.

This would likely align with a continued decline in the DXY toward the 96.00 and 92.00 zones. On the upside, if 2025 support levels hold, a recovery above 1.3930 and 1.4020 could send USD/CAD back toward resistance at 1.4080, 1.4160, and potentially 1.4280.

Silver Outlook: Daily Time Frame – Log Scale

Source: Tradingview

Supported by dollar weakness, economic uncertainty, and tech-sector resilience, silver has broken out of a one-month consolidation pattern, now holding above the 32.60–33.00 support zone.

A sustained move above 33.70 would confirm bullish continuation toward 34.30 and 35.00, with a broader target of 37.50 based on the pattern’s projection. However, if silver drops back below 32.60, the breakout may fail, exposing the metal to a retracement toward 31.60, 31.00, and 30.30.

Written by Razan Hilal, CMT

Follow on X: @Rh_waves

StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please ensure you fully understand the risks involved by reading our full risk warning.

FOREX.com is a trading name of StoneX Europe Limited, and FOREX.com/ie is a domain operated by StoneX Europe Ltd, a member of StoneX Group Inc. StoneX Europe Ltd, is a Cyprus Investment Firm (CIF) company registered to the Department of Registrar of Companies and Official Receiver with a Registration Number HE409708, and authorized and regulated by the Cyprus Securities & Exchange Commission (CySEC) under license number 400/21. StoneX Europe is a Member of the Investor Compensation Fund (ICF) and has its registered address at Nikokreontos 2, 5th Floor, 1066 Nicosia, Cyprus.

FOREX.com is a trademark of StoneX Europe Ltd, a member of StoneX Group Inc.

This website uses cookies to provide you with the very best experience and to know you better. By visiting our website with your browser set to allow cookies, you consent to our use of cookies as described in our Privacy Policy.

Through passporting, StoneX Europe is allowed to provide its services and products on a cross-border basis to the following European Economic Area ("EEA") states: Austria, Bulgaria, Croatia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.

StoneX Europe Ltd products, services and information are not intended for residents other than the ones stated above.

StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation. StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.