The currency pair climbed to 1.4114 after defending support at 1.4061, maintaining a technical advantage for buyers.
USDCAD recovered from a low of 1.4003 earlier this week, rallying past the 100- and 200-hour moving averages. Buyers defended support near 1.4061, pushing the pair to a weekly high of 1.4114 before a slight pullback to 1.4087.
The pair tested key technical levels, including the July 10 swing low at 1.4116, but failed to sustain momentum above it. Despite intraweek volatility, buyers consistently defended the 200-hour moving average, currently near 1.4061.
As long as USDCAD holds above 1.4061, the technical outlook remains favorable for further upside. A break below could shift momentum to sellers.