The (USDCAD) remained lower during recent intraday trading after the pair held below the key resistance level at 1.3700, which had been our previous target. The pair is currently undergoing profit-taking while attempting to ease its overbought conditions on the relative strength indicators, especially with negative signals beginning to emerge, in an effort to regain positive momentum that may help it break above this resistance.
This comes amid the dominance of a short-term bullish corrective wave, with continued dynamic support from trading above the EMA50, which strengthens the chances of breaching the mentioned resistance.