Technical analysts note the pair’s retreat targets the 50-day moving average and March high near 1.3970.
USD/CAD reversed course after failing to sustain a break above 1.4130, prompting a deeper pullback. The pair is now drifting toward the 50-day moving average and the March peak near 1.3970, a key support level for traders.
Earlier attempts to breach 1.4130 stalled, signaling potential resistance ahead. The 50-DMA and March high convergence at 1.3970 is seen as a critical test for the pair’s near-term direction.
No immediate market reaction was specified, but traders are closely monitoring the level for further cues.