The USDCAD moved lower yesterday, with sellers able to push the pair below its 100-day moving average, currently at 1.39186.
That break gave sellers an opportunity to take greater control from a longer-term technical perspective
However, the downside momentum could not be sustained. The price quickly snapped back higher and moved into the close toward its falling 100-hour moving average and a key swing area between 1.3948 and 1.3966. In trading today, buyers made another attempt to wrestle back some control.
The price moved above the falling 100-hour moving average and extended into the 1.3948 to 1.3966 swing area. However, that push ultimately failed. Sellers leaned against the resistance zone, stalled the advance, and turned the price back to the downside.