The USDCAD has slipped to a new session low at 1.4079, putting the focus squarely on its 200-hour moving average at 1.40792.
This level has been an important technical pivot over the past several sessions
Last Friday, buyers stepped in after the pair tested the moving average. On Monday, the decline stalled just above it, and both yesterday and today the market has once again found support in the same area. The technical picture is straightforward.
As long as the price remains above the 200-hour moving average, buyers still have a chance to regain control. Their first hurdle comes at the 100-hour moving average, currently at 1.40958. A move back above that level would shift the near-term bias more firmly to the upside and have traders targeting the former support zone between 1.41297 and 1.41488, which has since turned into resistance.