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The USDCAD pair has shown a bearish bias as it remains below key technical levels, including the 100-hour moving average and a swing area between 1.3620-1.36305. Sellers have reasserted control after failed attempts to push above resistance, with the price currently trading near 1.3613 in a narrow 25-pip range. The lack of conviction in price action suggests market indecision, but sustained selling pressure below 1.3630 maintains a downside tilt.
This development is significant for forex traders as it highlights the struggle between buyers and sellers in a critical USD/CAD range. The pair's inability to break above the 200-hour moving average at 1.36421 further reinforces the bearish momentum. Traders are closely watching support levels at 1.3593-1.3600 and 1.3549, with a potential breakdown threatening to extend losses toward key historical lows.
For Gulf and MENA investors, the USDCAD's technical setup offers strategic entry points for short-term trades. The next major focus will be whether buyers can reclaim control by pushing above 1.36305, which would signal a shift in market sentiment. Key levels to monitor include the 200-hour MA and the February swing lows, as a breakdown below these could accelerate the pair's decline toward 1.3482.
