Bases off 1.2600 in the North American session
The USDCAD – after moving higher in the Asian session and into the European session – saw the price consolidate up and down in the North America session.
However, the low during the consolidation found support buyers near the 1.2601 area. That is the low of a swing area going back to the end of July (see red numbered circles in yellow area) as well as a nice natural support level (at 1.2600).
The ability to hold that support, has given the buyers confidence to push higher, and they are now including the pair in the USDs run higher.
Now that thee pair has broken, it really does not have much resistance on the hourly chart until the 61.8% retracement at 1.26595. That is the next key target on further upside momentum.