USDCAD is racing higher as the sellers fail, and the buyers continue to trend higher

The USDCAD is breaking to new session highs, moving further away from the mid-April 2020 high at 1.4265 and approaching the early April 2020 peak at 1.4348. Buyers have maintained control since the pair bottomed at 1.3423 during the week of September 21, rallying nearly 900 pips since then.

Hourly Chart Analysis:Sellers had an opportunity yesterday after testing a topside trendline connecting highs from December 9. Despite breaking below Friday’s double top at 1.4244, downside momentum stalled, and during today’s Asian session, the price rebounded above that level, signaling buyers to resume control.

In North American trading, the pair has moved above a key topside trendline near 1.4285, which now acts as short-term support. Another important level is 1.4270, yesterday’s high and a corrective low during today’s early North American session.

Key Takeaway:As long as the price holds above 1.4285 and 1.4270, sellers remain sidelined, and buyers are firmly in control, maintaining the bullish momentum.

This article was written by Greg Michalowski at www.forexlive.com.