USDCAD Surges for Sixth Consecutive Day, Eyeing Key Resistance Levels

UPDATE: The USDCAD currency pair is experiencing a significant surge today, marking its sixth consecutive day of gains. Buyers are intensifying their momentum, pushing the exchange rate higher as it reaches new technical milestones.

The rally initiated after a failed break below the 50% midpoint at 1.3903, reigniting buying interest among traders. This upward movement gained momentum following the recent Federal Open Market Committee (FOMC) rate decision, which was perceived as less dovish than expected. As a result, the pair has managed to climb back above its 100- and 200-hour moving averages, showcasing strong buyer confidence.

Earlier today, the USDCAD briefly dipped below the 200-hour moving average last Thursday but quickly rebounded, strengthening the position of buyers. Just yesterday, the pair surged past a swing area between 1.4060 and 1.4067, and also broke the October high at 1.4079, confirming the prevailing upside bias.

Currently, the USDCAD is trading at 1.4140, with analysts closely watching the next major target at the 50% retracement of the 2025 trading range, which stands at 1.4166. A successful breakthrough above this level could reinforce buyer control and potentially force sellers to retreat, indicating that the upward momentum remains robust.

This developing trend is critical for investors and traders, as it highlights the strength of the current bullish sentiment in the market. The video accompanying this report provides detailed insights into the technical levels driving these movements and clarifies the bias shift in risk and target levels.

As the market continues to respond to these developments, traders are advised to stay alert for further price movements and potential breakthroughs. This situation remains dynamic, with the potential for significant shifts in the coming hours.

Stay tuned for more updates as this story develops!