Currently, the USDCAD currency pair is exhibiting a sideways movement, trading within a range between 1.3371 and 1.3501. This consolidation phase is likely a pause in the uptrend that started from 1.3150.
Traders are closely monitoring the price action to determine the future direction of USDCAD. A break above the resistance level of 1.3501 could potentially propel the price towards the 1.3600 area, indicating a continuation of the upward move.
Conversely, a breakdown below the support level of 1.3371 would suggest that the upside movement has already completed at 1.3501. In such a scenario, the pair would likely find support around the 1.3300 level.
These key levels, namely 1.3501 on the upside and 1.3371 on the downside, play a crucial role in determining the next significant move in the USDCAD currency pair. Traders are paying attention to any decisive break above or below these levels as potential signals for future price action.
Market participants are patiently observing the price range and awaiting a clear breakout to gain further insights into the potential direction of USDCAD.