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From a technical standpoint, repeated bounces from the key support zone of 1.3725–1.3720 and yesterday's breakout above the psychological level of 1.3900 can be viewed as a new catalyst for the bulls in the USD/CAD pair. Oscillators on the daily chart remain in positive territory and are far from the overbought zone. A break above the resistance level at 1.3850 would confirm the likelihood of continued upward momentum toward the psychological level of 1.4000. This level also coincides with the 200-day simple moving average (SMA), and a successful breakout above it would open the path for further continuation of the bullish trend observed over the past two weeks.
In the event of a corrective pullback, it may be seen as a buying opportunity, with downside limited near the 1.3900 level. However, a drop below yesterday's low around 1.3885 would open the way toward the next significant support at 1.3850. Further downside could see the USD/CAD pair move toward the key level of 1.3800. A sustained break below this threshold would put the bullish scenario into question and could lead to a decline below the support zone of 1.3770, which aligns with the 100-day SMA, potentially testing the range of 1.3725–1.3720.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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