The USDCAD stretched higher in today’s trading and, in the process, tested the August 22 high at 1.3924. That level is notable because it also corresponds with the 38.2% retracement of the decline from the March 2025 high at 1.39235. The session peak extended to 1.39238 before easing back.
At the moment, the pair is trading just below that key barrier at 1.39195. A sustained move above the 1.3924 level with momentum would shift the focus higher, putting the 200-day moving average at 1.39754 into play as the next key upside target.
On the other side, risk for buyers sits against the swing area between 1.38917 and 1.3904. A break back below that support zone would raise concerns about a potential double top near 1.3924 and give sellers some added confidence, while forcing buyers to reconsider the momentum case.
