Canadian Dollar Outlook: USD/CAD’s Nine-Day Surge Encounters Key Resistance

USD/CAD Rally Approaches Critical Resistance

The USD/CAD currency pair has climbed for nine straight sessions, gaining over 1.9% from its December lows. This upward momentum has now brought the pair into a significant resistance area, following the release of employment data from both the US and Canada.

Currently, the price is testing a crucial technical level close to the highest point reached in 2023. While the overall trend remains positive, attention is now on how the pair reacts at this important threshold in the coming days. The market's response here will likely indicate whether the rally will continue or take a breather before moving higher.

Key technical levels are highlighted on the USD/CAD weekly chart, marking an important juncture for traders.