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USD/CAD takes out technical level at 1.3453

Yesterday the USD/CAD tried once again to lift above a noted resistance level at 1.3453. In the event it stalled just short of that price point again. The USD/CAD rose to 1.3448 and later posted a synthetic US close at 1.3428. However, the surge in the US dollar has seen the CAD weaken again and the important Fibonacci level at 1.3453 has now been taken out. Once again, it seems a combination of stops and system based buyers through 1.3453 has been in evidence this morning, as the US dollar lifts to a session (and new 2024 high) high at 1.3478 a moment ago. That means it is knocking right on the door of the 200 day moving average. That is in place right now at 1.3479. This price point might provide further resistance as the morning unfolds. We shall see if that is the case. The USD/CAD is currently trading at 1.3477

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