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The USDCAD is trading at new highs as the week draws to a close — a sharp turnaround from the early-week tone, when sellers were in control through Tuesday and Wednesday. That changed after the Fed’s rate cut, as Chair Powell emphasized that the Fed is not on a pre-set path to ease again in December. The comments triggered a rebound in the dollar, pushing USDCAD higher.Technically, the pair reclaimed the broken 200-day moving average at 1.3927, retested it successfully yesterday, and then extended higher. The price also broke above the 200-hour MA at 1.39855 after briefly closing below it on Thursday while holding the 100-hour MA support near 1.3967. Today’s break above the 200-hour MA drew in fresh buyers and drove the pair to new weekly highs.The next upside target comes at last Friday’s high of 1.4038. A sustained move above that level would open the door toward the October swing area between 1.4060–1.4067, followed by the monthly high near 1.4079.On the downside, the 1.4000 area remains the near-term risk level, with support layered at 1.4004 (swing level) and the psychological round number itself.Bottom line: Momentum has shifted firmly to the buyers heading into the weekend, with the trend favoring further upside while 1.4000 holds as support.
This article was written by Greg Michalowski at investinglive.com.
💡 DMK Insight
The USDCAD’s surge to new highs signals a shift in market sentiment following the Fed’s rate cut. This turnaround highlights the impact of monetary policy on currency pairs, especially as Powell’s comments suggest a more flexible approach to future rate decisions. Traders should note that the recent highs could attract profit-taking, especially if resistance levels are tested. The volatility in this pair is likely to affect correlated assets like CAD-denominated commodities, particularly oil, which has a strong influence on the Canadian dollar. Keep an eye on the 1.40 level as a potential pivot point; a break above could lead to further gains, while a rejection might signal a pullback. The market’s reaction in the coming days will be crucial, especially as we head into the end of the month, which often brings increased volatility and positioning adjustments from institutional players.
📮 Takeaway
Watch for USDCAD’s performance around the 1.40 level; a break could signal further upside, while a rejection might lead to a pullback.
