The USDCAD is extending higher and in the process is moving above the highs from last week and the high going back to April 2024 at 1.38448. The price is also extending above the high of a swing area going back to 2023 at 1.3855. Going forward, staying above 1.38448 would keep the buyers in firm control.
On the topside, traders have the 2023 high price at 1.3898 now in its sights. The high price today for the dollar versus Canada has reached 1.3864.
Buyers in firm control. The April high at 1.38448 is the risk level that if broken on the downside, would disappoint the buyers on the break to new highs.
This article was written by Greg Michalowski at www.forexlive.com. Source