USDCAD Technical Outlook: Consolidation persists as sellers cap upside at key MAs ...Middle East

On the broader chart, last week’s price action showed two failed attempts to break above the 200-day moving average near 1.40157, reinforcing that level as a key resistance zone. To shift control back to the buyers, USDCAD would need to move decisively above the 1.4015–1.4027 area, and ideally extend toward the 38.2% retracement of the March decline at 1.40525.

? Key Levels

1.3960– (100-hour MA / pivot)

1.40525 (38.2% retracement of March high)

1.3904–1.3891 (former ceiling, now floor)

? Bias:

Bearish below 1.3891

Bullish only on a sustained break above 1.40156 (200 day MA)

This article was written by Greg Michalowski at www.forexlive.com.

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