The USDCAD breaking to new session highs, moving further away from the mid-April 2020 high at 1.4265 and approaching the peak in April 2020 at 1.4348. Buyers have been in control since the pair bottomed at 1.3423 during the week of September 21, collecting almost 900 pipes since then.
Time Card Analysis:
Sellers had an opportunity yesterday after testing a high trendline connecting highs from December 9th. 1.4244stopped moving down, and during today's Asian session, the price went back above that level, signaling buyers to regain control.
In North American trading, the pair has moved above a major nearby trend line 1.4285which now works as a short-term aid. There is another important level 1.4270yesterday's high and corrective low in the early North American session today.
Key Takeaway:
As long as the price is above 1.4285 and 1.4270sellers are still on the sidelines, and buyers are firmly in control, maintaining the bullish trend.
