USDCAD fell earlier in the session, testing the 100-hour moving average (1.4195), a key short-term pivot. As noted earlier, holding above this level would indicate continued bullish momentum, while a break below would shift control back to sellers. The support held, leading to a rotation higher toward the next key resistance.
The upside move pushed the price toward the falling 200-hour moving average (1.4248), a critical resistance level. The high for the session reached 1.4244, coming within just 4 pips of this key target before retreating slightly. Currently, the price is trading at 1.4224, caught in a battle between buyers and sellers.
For now, the pair is range-bound, "ping-ponging" between the 100-hour MA (1.4190) as support and the 200-hour MA (1.4248) as resistance. A breakout in either direction is likely to drive the next momentum move.
A break above 1.4248 would target the 1.4260 - 1.4268 swing area, followed by the next key resistance between 1.4290 - 1.4394. Conversely, a break below 1.4190 would shift momentum back to the downside, favoring sellers.
Technical Levels in Play:
Support Levels:
100-hour moving average → 1.4190 (critical short-term pivot)Resistance Levels:
200-hour moving average → 1.4248Swing area → 1.4260 - 1.4268Next swing area → 1.4290 - 1.4394Key Trading Signals:
Above 1.4248 → Buyers take control, targeting 1.4260 - 1.4268, then 1.4290 - 1.4394.Below 1.4190 → Sellers regain control, increasing downside momentum. This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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