USDCAD has been oscillating between the 100-hour and 200-hour moving averages since breaking above them during the European session yesterday. The pair found support at the 100-hour MA in early U.S. trading but faced selling pressure at the 200-hour MA (currently 1.42176) both yesterday and in today's Asian session. The repeated failure to breach this level prompted sellers to regain control, pushing the price lower.
In the North American session, USDCAD broke below the 100-hour MA (now 1.41947), reinforcing downside momentum. A swing area between 1.4194 and 1.4208 now acts as immediate resistance—staying below keeps sellers in control, while a move back above could signal a failed breakdown.
Key Technical Levels:
- Resistance: 1.4194 - 1.4208 (swing area), 1.42176 (200-hour MA)
- Support: 1.4150 (February low), 1.41194 (rising 100-day MA)
A break below 1.4150 would open the door for a test of the 100-day MA at 1.41194, a level USDCAD has not traded below since October 8.
