The USDCAD pushed larger into the European session, breaking above final Friday’s excessive and testing the early March peak close to 1.3752. Nevertheless, the rally stalled simply wanting that stage, with immediately’s excessive reaching 1.37476, earlier than rotating again to the draw back. The shortcoming to increase above that key resistance space is a short-term disappointment for patrons, particularly with momentum fading close to the highs.
The next pullback noticed value transfer again beneath the 1.37149–1.37243 swing space, earlier than extending down to check the rising 100-hour shifting common at 1.37044. Importantly, this stage has now held on three separate checks, together with two from yesterday and one immediately—highlighting its significance as a near-term assist and risk-defining stage.
Technical outlook: 100-hour MA holds the important thing
With the value persevering with to carry above the 100-hour shifting common, the bias stays tilted to the upside within the brief time period. So long as patrons can defend this stage, they continue to be in management. A transfer again above 1.3724 would re-open the trail towards the current highs between 1.37409 and 1.3752, and a break above that zone would sign a possible extension larger, with room to run towards the yearly excessive close to 1.3928.
On the draw back, a break beneath the 100-hour MA at 1.37044 would shift management again to sellers, with draw back targets at 1.3687 (yesterday’s low) and 1.3679 (Tuesday’s low). A transfer beneath these ranges would improve bearish momentum and expose deeper retracement ranges of the broader transfer larger.
Backside line:
-
Above 100-hour MA → patrons in management
-
Beneath → sellers regain momentum within the brief time period with work to do towards different draw back targets.
-
1.3752 stays the important thing breakout stage to unlock additional upside
