USDCAD slips back after failed break above 200-hour MA ...Middle East

Today, buyers attempted to reclaim short-term control by pushing the price briefly above the 200-hour moving average at 1.37152, but that breakout quickly failed—marking the third consecutive rejection at key resistance (May 29 and May 30 also failed on the break). The market's inability to sustain gains above that level reinforces the notion that upside momentum remains limited.

For now, buyers have repeatedly failed to generate sustained upside traction, and unless they can convincingly break and hold above the 200-hour MA, the path of least resistance remains lower. Sellers are reasserting control, with momentum favoring a continued downside push if key support levels give way.

Resistance:

1.3759 – 1.3779 (swing area)

1.36814 (100-hour MA)

1.36337 (last week’s low)

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

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