Although currency markets remain relatively quiet today, the USDCAD has climbed to a new session high. The current low-to-high trading range is a modest 49 pips, compared to the 80-pip average over the past 22 trading days (approximately one month). A break to a new high could potentially generate further momentum in the same direction.
However, the pair is nearing several critical levels, including two moving averages and a retracement level:
- The 200-day moving average is at 1.3398.
- The descending 100-hour moving average is at 1.3400.
- The 38.2% retracement of the decline from last week's high is at 1.33963.
The USDCAD's highest price recently reached 1.3390 so far. As the pair encounters the dual moving averages and the 38.2% retracement between 1.3396 and 1.3400, it remains to be seen whether sellers will maintain pressure and prevent further gains.
Key target area. Buyers try to make a play. Can they keep the momentum going?
