The USDCAD bias is back to the upside after sellers could not sustain downside momentum

Article details

The USDCAD pair initially declined toward the 38.2% retracement level at 1.36517 but failed to sustain momentum, leading to a rebound above the 100-hour moving average at 1.3676. This recovery shifted short-term control to buyers, though upside momentum stalled near the critical 50% retracement at 1.37045. Technical analysis highlights key levels where buyers need to break above 1.37045 to confirm a stronger bullish bias. The current price action reflects a tug-of-war between buyers and sellers, with the 100-hour MA acting as a pivot. A sustained move above 1.37045 is crucial for buyers to gain confidence and shift the broader trend.