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The USDCAD currency pair reversed its intraday losses and pushed to a fresh monthly high of 1.4224 after sellers failed to capitalize on a short-term downside break. Earlier in the session, the pair broke below a rising trendline and its 100-hour moving average at 1.4168, reaching a low of 1.4155. However, the lack of follow-through selling allowed buyers to regain control and push prices higher.
The failed breakdown reinforces the broader bullish trend that began in September, which has seen the pair advance over 465 pips from 1.3759. Buyers are now testing major resistance between 1.42385 and 1.42474, representing the June and July highs. A sustained break above this zone could open the door toward the 61.8% Fibonacci retracement level at 1.42928.
From a technical perspective, the 100-hour moving average near 1.4168 and the intraday low of 1.4155 remain critical support levels. As long as the pair holds above these key technical barriers, the upside momentum remains intact, keeping the prevailing trend in favor of the US dollar against the Canadian dollar.
