The USDCAD is pushing to fresh highs for the day — and the week — as broad USD strength drives the pair higher. What makes the move notable is that it’s occurring despite a sharp rally in crude oil, which is up 4.59% on heightened geopolitical tensions following a reported U.S. strike on Iran. Normally, stronger oil supports the Canadian dollar, but today that correlation is being overridden by stronger dollar flows. Even a boost from Canada’s hockey win in the Olympic quarterfinals hasn’t been enough to lift the loonie — though a U.S.–Canada gold medal showdown may be coming (and for once, it’s not about trade).

From a technical perspective, the pair is now pressing toward the 50% midpoint of the 2026 trading range at 1.37045. That level is the next key upside test. A sustained move above it would shift focus toward the February 6 high at 1.3724, followed by a channel trendline resistance near 1.3745.

On the downside, former resistance turns into first support. The earlier intraday high at 1.3678 is now a near-term pivot. For traders looking for a momentum continuation above yesterday’s high at 1.36919, the ideal technical scenario would be for price to hold above that breakout level and accelerate higher without slipping back below it.

Key Levels

• Resistance: 1.37045 (50% midpoint of 2026 range)

• Next Targets: 1.3724 (Feb 6 high), then 1.3745 (channel resistance)

• Support: 1.36919 (prior high), then 1.3678 (earlier intraday high)

Bias

The short-term bias is bullish while price holds above 1.36919–1.3678. A break and sustained move above 1.37045 opens the door toward 1.3724 and 1.3745. A move back below 1.3678 would temper the upside momentum.

The decline in just a 2nd okay we get out point K about is working

.