USDCAD has returned to its 2026 highs after rallying from the 26 August low, with the advance described as impulsive under Elliott Wave terms rather than corrective. The move is still being assessed as incomplete because the rise has not yet resolved into a clear five-wave sequence, implying the uptrend may have further room to run once the current pullback is finished.
Key Price Levels and Technical Structure
The pair is trading near 1.4211 and is testing a 1.4200–1.4125 support zone that is being watched as a potential retracement floor within the broader rise. A key threshold sits at 1.4000; holding above that level keeps the upward structure intact, while a break below would undermine the current wave count.
Upcoming Events and Market Catalysts
Near-term price action may be shaped by the US CPI release due on 14 October at 14:30 CEST, a potential catalyst for a break through support or a rebound from it.
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