USDCAD Remains in Up-And-Down Range As Carney's Liberals Prevail
GlendonThe Liberal party have won the election in Canada with 154 seats won vs 131 for the conservatives. There are 31 seats which have not been called.
The Liberal party have won the election in Canada with 154 seats won vs 131 for the conservatives. There are 31 seats which have not been called.
While the Liberals will form the government, it remains unclear if they will control a majority of votes in the House of Commons or require support from other parties to pass legislation. It would take a total of 172 seats to reach a majority. The Liberals are 18 seats short of the majority.
USDCAD technicals
Technically, the USDCAD price action has been choppy today, fluctuating within a narrow 63-pip range—well below the 115-pip average for the month. Despite brief moves above the 100- and 200-hour moving averages (currently at 1.38603 and 1.38473, respectively), the pair failed to gain upside traction. A modest push to 1.3871—just 11 pips above the 100-hour MA—was quickly rejected during late Asian and early European trading.
On the downside, the 1.3827 level—marked by lows on April 14, 17, and 18—has been tested multiple times amid overnight volatility. Today’s low reached 1.38085, briefly breaching that support, though price has since rebounded slightly. If sellers can push decisively below 1.3827, the next target would be the April low at 1.37787.
With the price now holding below both the 100- and 200-hour MAs and four consecutive days of lower highs, the short-term bias favors continued selling pressure.
