The USDCAD has moved higher in today’s trading, pushing up to test both the 200-hour moving average at 1.3845 and the 100-hour moving average just above at 1.3854. These levels now define the near-term technical ceiling.
A firm move above both MAs—with momentum—would open the door to further upside targets. The first level to watch is the weekly high at 1.3891, followed by the recent 10-day high at 1.3904, a key resistance zone from earlier in April. A move above that area opens the door for more upside probing. Overall however, the price is still way below the 38.2% retracement of the move down from the April 1 high
USDCAD tests key moving averages: Break higher or rejection next?