USDCAD

11:31, 29 April

Market recap

On Tuesday last week we covered the USDCAD which for the first time in some time left the prevailing range and traded above the key 1.34 level reaching its highest level in 2019 before easing a little to finish the week. In the last few weeks the USDCAD has traded within a narrow range and consolidated under the current key level of 1.34 which was also offering resistance to the currency pair moving higher. 
The USDCAD did pop up above this level a couple of times last month including reaching a two month high above 1.34, however it was quickly sold off and fell back below this level quite quickly. This along with the recent price action over the last few weeks shows how significant a break higher the last week has been. The USDCAD is now likely to receive some support from this level should it called upon.