In yesterday’s post, I flagged the 1.3709–1.3715 area as a key upside target ( see: USDCAD moves to new session highs.
In yesterday’s post, I flagged the 1.3709–1.3715 area as a key upside target ( see: USDCAD moves to new session highs. Extends above 1.3700 and looks toward 1.3715 ), and the market delivered—but only partially.
The high reached 1.3710, right into the lower end of that swing area, before sellers leaned and pushed the price back lower. The inability to extend above that ceiling kept the upside in check. On the downside, the late North American session saw a move lower that found support at the converged 100- and 200-hour moving averages near 1.3666.
Buyers leaned against that level—defining risk—and pushed the pair higher. That same playbook repeated in the early Asian-Pacific session with another successful retest and bounce. However, following the sharp move lower in USDJPY today, broader dollar selling finally pushed USDCAD below those converged MAs, but momentum stalled near 1.3650.