The USDCAD is higher on the day and working on its sixth consecutive daily gain, as buyers continue to press their advantage. The move higher has extended beyond several key technical targets, underscoring the strength of the current momentum.
The rally began after a failed break below the 50% midpoint at 1.3903, which triggered renewed buying interest. Momentum accelerated following the FOMC rate decision, which was viewed as less dovish, helping the pair push back above both its 100- and 200-hour moving averages. Although the price briefly dipped below the 200-hour MA last Thursday, it quickly rebounded and held aboveāa key confidence boost for buyers.
Yesterday, the pair broke above a swing area between 1.4060 and 1.4067, along with the October high at 1.4079, confirming the upside bias. That bullish momentum has carried into today, with the price extending to 1.4140.
The next major target lies at the 50% retracement of the 2025 trading range, coming in at 1.4166, followed by a swing level at 1.4176
