The USDCAD had a downward movement and tested the support level at 1.3813 towards the end of the trading day, hitting a low of 1.3817 before slowing down. Thanks to early successes from the Trump team, the pair has since risen and is now approaching the 200-hour MA/100-hour MA area, with the 200-hour MA at 1.38975 and the 100-hour MA at 1.3905. Breaking above these levels could potentially lead to more upward momentum from a technical standpoint.
In terms of the Georgia vote, Trump currently leads with 52.9% compared to Harris’s 46.4%, which is a significant margin. However, there are still many votes to be counted in urban areas, which could narrow the gap. Pennsylvania also has a large number of votes remaining, with Harris in the lead (57.5% vs. 41.5% with 24% counted). In Michigan, Harris is leading with 53.7% vs. 44.3%, but it is still early with only 14% counted. North Carolina is a close race, with Trump at 50.4% and Harris at 48.5% with 50% of the vote counted. Trump focused his efforts in North Carolina all day yesterday. Virginia is currently tied, but there are still many votes left to be counted in the blue areas of the state.
As the USDCAD price action continues to fluctuate and political developments unfold, investors and traders will be closely monitoring the situation to gauge market sentiment and potential trading opportunities. The outcome of the elections in key states could have a significant impact on the currency pair’s movements in the near future. Stay tuned for more updates as the situation evolves.
