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USDCAD broke key resistance level 1.3790


27 October 2023 Written by Stephane Dubois  Senior Market Analyst Stephane Dubois

The USDCAD currency pair has recently surpassed the pivotal resistance level at 1.3790, a barrier that has consistently capped its upside momentum since last October. This noteworthy breach suggests a strong bullish sentiment for the pair, potentially fueled by the momentum gained from the minor ABC correction 2 that originated around mid-July. A backdrop of enduring bullish sentiment surrounding the US Dollar augments the possibility of the pair setting its sights even higher. The next significant hurdle lies at the 1.3950 resistance level. Notably, this was the point that halted the currency pair's daily uptrend back in 2022 and currently stands as the apex of the prevailing daily upward channel.

Given these technical indicators and the sustained strength of the USD, traders and analysts alike will be closely monitoring the USDCAD, anticipating its potential movement toward and possibly beyond the 1.3950 mark.

The chart represents the USD/CAD currency pair on a daily time frame.

The chart represents the USD/CAD currency pair on a daily time frame

Here are some key observations and analysis:

Traders would be wise to keep an eye on key levels, and also be aware of any fundamental news or events that could impact the USD or CAD, as these can often lead to sudden and significant price movements.

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