The USDCAD sellers had a shot earlier this week with breaks outside an up-and-down “Red Box” to the downside. The first move was on Monday. The 2nd on Tuesday. Each failed on the break The sellers had their shot. They missed.
The price rise saw the pair’s price move above the 100 and 200 hour MAs (blue and green lines). In trading today, the price fell toward those MAs and although the price fell below the lower 100-hour MA, that break failed. The price is now getting more comfortably above the 200-hour MA at 1.43797. The price is at 1.4397 currently.
Going forward, staying above the 100 and 200-hour MAs is needed to keep the buyers in control. As long as that can continue, the pair has room to roam to the upside with the 1.4435 the next key target, followed by the high swing area near the high of the Red Box between 1.44487 and 1.4466.