The USDCAD continues to trade in a narrow consolidation range, with price action toggling above and below the 100-hour (1.39607) and 200-hour (1.39501) moving averages — a sign of short-term indecision. In early North American trading, the pair briefly tested the 100-hour MA but failed to sustain gains, attracting sellers and keeping the near-term bias tilted to the downside.The Canada CPI data was higher than expected which is helping to give the CAD some support (lower USDCAD).
On the broader chart, last week’s price action showed two failed attempts to break above the 200-day moving average near 1.40157, reinforcing that level as a key resistance zone. To shift control back to the buyers, USDCAD would need to move decisively above the 1.4015–1.4027 area, and ideally extend toward the 38.2% retracement of the March decline at 1.40525.
In the meantime, the pair bias more bearish with the price below neutral zone MA area between 1.3960–1.3950 (it is the pivot today). Below, the 1.3891–1.3904 region, previously a ceiling, is now serving as support. A break below that area would solidify a bearish bias and expose further downside toward 1.3860 and possibly 1.3832.
? Key Levels
Resistance:
1.3960– (100-hour MA / pivot)
1.4015–1.4027 (200-day MA / swing highs)
1.40525 (38.2% retracement of March high)
Support:
1.3904–1.3891 (former ceiling, now floor)
1.3860
? Bias:
Bearish below 1.3950 to 1.39607
Bearish below 1.3891
Bullish only on a sustained break above 1.40156 (200 day MA)
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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