The USDCAD rally stalled yesterday at the 100-hour moving average (MA), reinforcing its significance as a key technical resistance level. Over the past four trading days, price action has been choppy, with buyers and sellers battling for control.
Today, the pair broke above the 1.4192 level, triggering buying momentum and pushing the price to a high of 1.4221. However, the rally lost steam following weaker-than-expected U.S. housing starts data (-9.8%), leading to a pullback.
The price is now retesting the 100-hour MA, which serves as a critical short-term pivot. Holding above it would signal further bullish momentum, while a drop below would shift control back to the sellers, disappointing buyers.
USDCAD technicals
