USDCAD hit a new 11-year high of 1.3356 on Wednesday. More upside momentum is possible as RSI is in bullish territory, so there is scope for a move towards the next key psychological level at 1.3400.
Failure to rise above yesterday’s peak would keep the pair in neutral. The market has been consolidating since the end of August above 1.3100. As long as support holds at 1.3100 then the outlook will remain bullish. The Ichimoku cloud and 200-day moving average are rising, so these highlight the underlying bullish bias. The uptrend that started from 1.1919 is still in progress and there are no signs of a reversal in the trend.