USDCAD has more bullish technical overtones on daily chart. Find out why in this video.

The USDCAD has been trading above and below its 200-day moving average over the last few trading days. Yesterday it broke to the upside and also extended above the 50% midpoint of the 2023 trading range. Both those developments tilts the bias of further in favor of the buyers. Stay above the 50% midpoint at 1.34766 and the 200-day moving average of 1.34482 keeps the buyers in full control on the daily chart.

Yesterday, the low prices for the day stalled against its rising 100-hour moving average which is currently at 1.3458 (and rising). Getting below the levels on the daily chart and the 100-hour moving average is needed to take control away from the buyers. Until then the buyers are winning and the sellers are losing.