Five Days, Five Higher Closes — The Loonie Does Not Stand a Chance
News context: As dollar strength and commodity-linked flows continue to influence price, USDCAD remains important for traders watching cross-market confirmation.
USDCAD has been one of the cleanest trending pairs this week. No drama, no false moves, no retail traps. Just five consecutive higher daily closes from 1.3678 to 1.3752. The pair is now pressing against a key weekly high at 1.3758 and the next significant buy-side pool sits above 1.3800. Friday close at 1.3752 with today hitting 1.3758 intraday. The momentum is intact.
Weekly Structure — Bullish Continuation
- Weekly Open — 1.3686
- Weekly High — 1.3758 — today
- Weekly Close — 1.3752
- 5-Week Low / SSL Origin — 1.3550 — swept two weeks ago
- Next BSL Target — 1.3800 – 1.3878
The five-week picture: the pair swept sell-side at 1.3550, reversed with conviction, and has been grinding higher since. This is the distribution phase of the bullish PO3 that started at 1.3550. No deviation from structure so far.
Daily Analysis — Grinding Into Buy-Side
Tuesday to Friday: 1.3678, 1.3697, 1.3706, 1.3720, 1.3752. Each daily close sitting above the previous. Today hit 1.3758 — the highest intraday level in two weeks. The daily structure is bullish: higher highs, higher lows, no CHoCH in sight. The pair is in premium territory but the BSL target above has not been swept yet. That keeps the bullish case alive.
The nearest daily bullish OB sits at 1.3697 to 1.3718 — the Wednesday and Thursday consolidation range. That is the pullback zone for longs next week if the pair retreats from today high.
Key Levels
| Level | Price | Type | Note |
|---|---|---|---|
| Daily Bullish OB | 1.3697 – 1.3718 | Support | Long entry zone on any pullback |
| Today Close | 1.3752 | Reference | Friday close near weekly high |
| Today High / BSL | 1.3758 | Resistance | Near-term buy-side target touched |
| Next BSL Target | 1.3800 – 1.3878 | Target | Next major buy-side liquidity pool |
| SSL Below | 1.3701 – 1.3686 | Support | Recent daily lows — do not break this |
Trade Setup
- Bias — Bullish
- Long Entry Zone — 1.3697 – 1.3718 (daily bullish OB on any pullback)
- Target 1 — 1.3800
- Target 2 — 1.3878
- Stop — Below 1.3680
- Note — The 1.3758 level was touched intraday today. If next week opens above it, that becomes support and 1.3800 is the immediate target.
Economic Events
CAD is sensitive to oil prices and Canadian jobs data. US Retail Sales and Michigan Sentiment today affect the USD side of the pair. Dollar strength has been the dominant driver this week. As long as that holds, USDCAD stays bid.
The Bottom Line
USDCAD is the least complicated chart this week. Bullish trend, clean structure, defined OB for entries, clear BSL target above. Five days of honest pips for anyone who was on the right side. Next week, any pullback to 1.3697 to 1.3718 is a buy. The destination is 1.3800 then 1.3878.
Not every week needs to be complicated. Sometimes the tape just tells you what to do and has the courtesy to repeat itself five days in a row.
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Compare with usdcad previous outlook, gold daily outlook, GBPUSD daily outlook, and AUDUSD daily outlook.
