The USDCAD has been stretching higher and is extending closer to the high price from 2024 at 1.39458. Move above that level and traders would target the 2022 high at 1.3970. Get above that level and the pair is trading at the highest level going back to 2020.
In this video, I outline those topside levels, but also look at the risk-defining levels for the buyers. That is, where the bias starts to shift more to the downside even if it is in the short term? Knowing the risks is just as important as knowing the targets.
Adam also spoke to the fundamentals driving the Canadian dollar to the downside in his interview on Canadian business TV from earlier today. Adam has been talking for a while about the weaker Canadian dollar trend fundamentally, and reviews that view in his interview.
You can see it by clicking on the link below.
So it is two-for-one with a technical and fundamental view at the Canadian dollar.
This article was written by Greg Michalowski at www.forexlive.com. Source