USDCAD stretches to 1.4000. 200 day MA eyed
The USDCAD has extended its gains and pushed above the key 1.4000 level, reaching a high of 1.40043. The next upside target comes in at the 200-day moving average at 1.40106, followed by resistance at 1.40268, a prior swing area high. Beyond that, the 38.2% retracement of the decline from the March 2025 high sits at 1.40525, marking a more significant hurdle for buyers.
The earlier dip in price found support at 1.3977, the April 15 swing high, where buyers leaned in and reasserted control. That successful retest reinforced the bullish bias and helped fuel the move back toward and through 1.4000.
While the break above 1.4000 is constructive, buyers still have work to do. A sustained move above the 200-day moving average, and ultimately the 1.40525 retracement level, is needed to confirm a stronger upside shift. For now, momentum remains with the buyers.
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