USDCAD technicals: The USDCD is breaking to the upside after US/Canada data.

  • US housing data was stronger, Canadian CPI was weaker YoY and that combination is helping to support the USDCAD

The USDCAD is pushing higher after several choppy sessions in recent days, with momentum building on the back of stronger U.S. housing data and softer-than-expected Canadian CPI. The move has carried the pair above a swing area at 1.3819 and yesterday’s high near 1.3830, which now act as near-term support for intraday traders. Holding above these levels keeps buyers firmly in control.

From a broader perspective, the bullish bias is reinforced by the fact that the pair is trading above its rising 100-hour moving average at 1.3795, the 200-hour moving average at 1.3778, and the 100-day moving average at 1.3769. This technical alignment, in place since last Thursday’s upside breakout, underscores the strength of the move and the buyers’ advantage going forward.

Key technical levels:

  • Support: 1.3830 (yesterday’s high), 1.3819 (swing area), 1.3795 (100-hour MA), 1.3778 (200-hour MA), 1.3769 (100-day MA)

  • Resistance: Swing high going back to May 29 comes in at 1.38607. Above that traders will start to look toward the high price from August 1 which reached 1.3878

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