The USDCAD is up 0.40% and pushing into a key swing area between 1.4060 and 1.4067—a zone defined by multiple swing highs and lows from October 14 to October 21. A sustained move above this region would expose the October high at 1.4079 as the next upside target. Beyond that, buyers would likely set their sights on the 50% midpoint of the 2025 trading range at 1.4166.
Last week, the pair found resistance near the 38.2% retracement of the 2025 range at 1.4018. On Friday, the high extended slightly above that level to 1.4035, before closing just under it at 1.4009. Now that the price is trading above that zone, it serves as a risk-defining level for buyers — a move back below 1.4018 would disappoint the bullish camp and suggest the upside momentum is faltering.
The US ISM data just came in weaker than expectations of no has helped to push the price a little bit lower. The current price trading 1.40587 which is just below the swing area target
