North American mid-week Market update – Some reversal in 2025 flows

[Ben Graham]

Log in to our mid-week North American Markets overview, where we examine the current themes in North America and provide an overview of indices and currency performances.

The end of last week and the start of this one saw a strong reversal of the dominant 2025 market flows for NA assets.

A strong wave of profit-taking hit risk-assets: US and Canadian equity markets saw sharp consolidation.

Cryptocurrencies were also hit particularly hard which simultaneously provided a significant boost to the US Dollar, which rallied sharply against most majors.

This reversal came immediately after the ASEAN meeting, which finally saw the much-anticipated meeting between President Trump and President Xi Jinping.

The result was a temporary truce and the establishment of some deals with China, despite many critical trade and tariff issues remaining unresolved.

This de-escalation immediately undid some of the "de-globalization trade" that had dominated 2025—a flow characterized by selling the US Dollar and buying equities and metals.

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The Dollar also benefited from the strong selling pressure seen in Gold, which experienced a sharp sell-off from its recent all-time high prices, driven by the improved US-China relationship.

Despite starting the current sessions with momentum, both US Stocks and the US Dollar are now seeing some reluctance, with ongoing Supreme Court talks around the legal status of the tariffs.

US car companies, however, are major benefactors of these developments, with both GM and Ford up above 2.50% today on hopes of clearer tariff paths ahead.

Let's dive right into a few charts to get an overview on North American Markets, from US and Canadian equity Markets performance, USD and CAD performance to USDCAD and DXY charts.

North-American Indices Performance

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North American Top Indices performance since last Monday – November 5, 2025 – Source: TradingView

Dollar Index 8H Chart

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Dollar Index 8H Chart, November 5, 2025 – Source: TradingView

I Invite you to check out our most recent in-depth analysis of the US dollar to learn more about what shaped its recent moves and get some interesting takes on what to expect for the Greenback looking forward.

US Dollar Mid-Week Performance vs Majors

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USD vs other Majors since last Monday, November 5, 2025 - Source: TradingView.

Canadian Dollar Mid-Week Performance vs Majors

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CAD vs other Majors, November 5, 2025 - Source: TradingView.

Intraday Technical Levels for the USD/CAD

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USD/CAD 4H Chart, November 5, 2025 – Source: TradingView

After the steep rise from the past week, ongoing tariff talks are adding some uncertianty in the USD, leading to a short-term retreat in the pair.

Nonetheless, US dollar bulls have held the pair comfortably above the 1.40 mark, a very decisive psychological region.

Levels to place on your USD/CAD charts:

Resistance Levels

• April 2025 Pivotal Resistance 1.41 - 1.4150
• Nov 5 weekly and multi-month highs 1.4140
• Key resistance 1.4250

Support Levels

• 1.40 to 1.4050 Key Pivot (4H MA 50)
• Major Daily Pivot 1.39 (+/- 200 pips)
• 1.38 Major support +/- 150 pips
• 1.3550 Main 2025 Support

US and Canada Economic Calendar for the Rest of the Week

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US and Canadian Data for the rest of the week, MarketPulse Economic Calendar

The US Bureau of Labor Surveys is still closed due to the shutdown, once again preventing the release of the monthly Non-Farm Payrolls release.

The Canadian Dollar will be watched closely once again with Governor Macklem speaking twice in two days (His first speech just got published, you can access it here).

Tomorrow (Thursday November, 6) will see the release of Canada's Ivey PMIs and Friday should see the release of the Canadian Employment figures.

It will be interesting to see if the upbeat ADP report from this morning in the US also spreads to the Northern neighbor.

In the absence of much US data, US traders will look closely at the Michigan Sentiment index releasing Friday at 10:00 A.M.

Safe Trades!

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