The USDCAD continues to trade with a bearish tilt as the 100-hour (1.38197) and 200-hour (1.38394) moving averages act as a ceiling for price action. Each of the last three upside attempts has stalled near these levels, reinforcing their role as risk-defining resistance.
While lows have edged slightly lower, downside momentum has been limited. Still, the inability to build sustainable upside suggests sellers remain in control, especially while price stays below the moving averages.
A move above 1.38394 would shift the near-term bias, but until then, rallies remain opportunities for sellers.
Key levels:
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Resistance (risk/bias-defining): 1.38197 (100-hour MA), 1.38394 (200-hour MA)
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Support: 1.3781 (low from April 14), 1.37698 (low from April 30), 1.37593 (low from May 2)
This article was written by Greg Michalowski at www.forexlive.com.
