USDCAD has achieved a notable breakthrough, surpassing the significant resistance at 1.3603 and extending its upward trajectory from 1.3092 to reach as high as 1.3639.
As long as the key support level at 1.3495 remains intact, we can reasonably anticipate the continuation of the upward movement, with the next substantial target residing around the 1.3700 area.
However, it’s essential to consider the downside scenario. If USDCAD experiences a breakdown below the critical 1.3495 support, it would suggest that the preceding upward movement may have concluded. In such a scenario, the pair might find support in the vicinity of the 1.3450 region.
In summary, USDCAD’s recent ascent is significant, but traders should stay vigilant regarding the behavior around key support and resistance levels as they monitor the pair’s future movements.