The USDCAD is now extending higher and in the process is moving above the highs from earlier this week at 1.38652.
Earlier today, the pair went to the edge of the abyss near the low of the swing area between 1.3784 and 1.3803. The inability to push below that area both yesterday and today, gave the buyers the go-ahead to push higher. Getting above and staying above the April swing high at 1.38488 was the next target (and now a close risk level).
Looking at the daily chart below, the high price from November 2023 reached up to 1.3898. That is the next target to get to and through. After that, and the 2022 high at 1.3977 will be targeted.
This article was written by Greg Michalowski at www.forexlive.com. Source