The currency pair consolidates around converged 100-hour and 200-hour moving averages, signaling a loss of directional momentum.
USDCAD has traded within a 100-pip range between 1.41488 and 1.42473 over the past two weeks, reflecting a shift from a strong uptrend to consolidation. The pair’s 100-hour and 200-hour moving averages, both near 1.4203, have flattened and overlapped, indicating a market lacking clear direction.
Since late June, buyers and sellers have alternated control without establishing dominance. Today, USDCAD briefly dipped below the moving averages to a low of 1.4200 but recovered to 1.4208, though the rebound lacked conviction. The session high reached only 1.4226, keeping the trading range tight at 26 pips.
Technical analysis suggests the moving averages remain a critical support level. A hold above them keeps the short-term bias tilted toward buyers, with the June triple top at 1.4247 as the next target.