3 min readDOLLAR VS CANADIAN DOLLAR (USDCAD):
The Canadian Dollar has continued to weaken against the U.S. Dollar, with the pair trending higher. Currently trading just above the key psychological level of 1.40000, the price is approaching a significant higher-timeframe resistance area that was recently broken and now appears to be undergoing a retest.
A closer analysis of the technicals reveals that after breaking out of the previous resistance area, the price consolidated briefly before resuming its upward trend. As I’ve frequently highlighted, using a simple Fibonacci tool to identify key levels between highs and lows can effectively pinpoint optimal reversal zones, offering a strategic advantage in trending markets. The RSI indicator currently shows no signs of a slowdown, suggesting there may still be room for further upside, particularly with the potential for new tariffs on Canada under Trump’s administration adding to the momentum.
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