The USDCAD is pushing to contemporary highs for the day — and the week — as broad USD energy drives the pair larger. What makes the transfer notable is that it’s occurring regardless of a pointy rally in crude oil, which is up 4.59% on heightened geopolitical tensions following a reported U.S. strike on Iran. Usually, stronger oil helps the Canadian greenback, however right this moment that correlation is being overridden by stronger greenback flows. Even a lift from Canada’s hockey win within the Olympic quarterfinals hasn’t been sufficient to carry the loonie — although a U.S.–Canada gold medal showdown could also be coming (and for as soon as, it’s not about commerce).
From a technical perspective, the pair is now urgent towards the 50% midpoint of the 2026 buying and selling vary at 1.37045. That degree is the following key upside take a look at. A sustained transfer above it could shift focus towards the February 6 excessive at 1.3724, adopted by a channel trendline resistance close to 1.3745.
On the draw back, former resistance turns into first assist. The sooner intraday excessive at 1.3678 is now a near-term pivot. For merchants in search of a momentum continuation above yesterday’s excessive at 1.36919, the perfect technical situation can be for worth to carry above that breakout degree and speed up larger with out slipping again under it.
Key Ranges
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Resistance: 1.37045 (50% midpoint of 2026 vary)
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Subsequent Targets: 1.3724 (Feb 6 excessive), then 1.3745 (channel resistance)
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Help: 1.36919 (prior excessive), then 1.3678 (earlier intraday excessive)
Bias
The short-term bias is bullish whereas worth holds above 1.36919–1.3678. A break and sustained transfer above 1.37045 opens the door towards 1.3724 and 1.3745. A transfer again under 1.3678 would mood the upside momentum.
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