Tests swing levels going back to June 16
The USDCAD has moved to new session highs after the news that Fitch downgraded Canada debt to AA+. The outlook is stable.
Looking at the hourly chart, the pair is testing the swing area at 1.3615 – 23 area. A move above that level opens up the door for further upside potential. For traders, the close risk is the broken trend line at 1.3595 currently. A move below that level – and staying below – could see buyers on the news give up on the trade.