USDCAD technicals
The USDCAD is the largest mover in the market today, down 0.67% with a high-to-low trading range of 114 pips, well above the 22-day average of 80 pips. The expanded range underscores strong directional momentum, particularly as sellers regained control following multiple failed upside attempts.
Technically, the pair started the day with a brief push higher, moving momentarily above the 200-hour moving average (green line). This level also capped the rally on Monday, when the price rose above both the 200-hour MA and the 50% retracement of the May range, but failed to sustain the move. That failure turned the bias lower, shifting sentiment from buyers to sellers.
Today, another attempt to reclaim the 200-hour MA quickly reversed, and sellers took advantage by pushing price below the 100-hour moving average (blue line), where it has since remained. The break below the swing area between 1.37498 and 1.37724 added to the downside momentum.
The current decline is taking the pair back toward the year-to-date low at 1.3684, set on Monday and marking the lowest level since October 2024. On the daily chart, a break below that low would expose an upward-sloping trend line near 1.3644. A decisive move below that level would deepen the bearish bias and further shift control to the sellers.
On the topside, it would now take a move back above the broken swing area between 1.37498 and 1.37724 to give buyers some hope. However, a move back above the 100 and 200 hour MAs would also be required to give the buyers more control.
USDCAD daily
ForexLive.com
is evolving into
investingLive.com, a new destination for intelligent market updates and smarter
decision-making for investors and traders alike.
