The USDCAD trades at 1.3345. That takes the price back above its 50% midpoint of the range since the 2020 high at 1.33364. The high price for the day reached 1.3353 so far.
Looking at the weekly chart, there are a number of swing levels between 1.3327 and 1.33839. The price is within that area . Getting above should increase the bullish bias with 1.3417 being the next target off the weekly chart. That level corresponds with the swing high going back to the week of September 20, 2020. A move back below the 1.3327 level would probably not be welcomed in the short-term.
Drilling to the hourly chart, the price high yesterday also traded above the 50% up to 1.3343, but quickly reversed lower. The selling did not abate until the Asian session today when the 100 hour moving average was tested. Buyers leaned against the moving average level and pushed the price back to the upside. The price has been more or less trending since that time.
Buyers are making a play above the 50% retracement level again. Can they keep the momentum going this time?