The USDCAD has been under steady pressure since peaking near the 200-day moving average on May 13 near 1.4015. That level capped the corrective rally, and the pair has been trending lower since, with last week’s low reaching 1.36337 on Thursday. A modest rebound on Friday was followed by volatile, choppy trading on Monday.
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.
Price action has since retreated back toward the 100-hour moving average at 1.36814. A sustained break below this level would deepen the bearish bias and bring the focus back to yesterday’s low at 1.36688. Below that, the next key target is the May 6 low at 1.36337—last week’s bottom.
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.
Key technical levels:
Resistance:
1.37152 (200-hour MA)
1.3759 – 1.3779 (swing area)
Support:
1.36814 (100-hour MA)
1.36688 (yesterday’s low)
1.36337 (last week’s low)
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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