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:
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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)
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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
