Sellers emerged as the currency pair failed to break above critical technical levels following mixed US and Canadian jobs data.
USDCAD climbed to a session high of 1.3710 after stronger-than-expected US jobs data contrasted with weaker Canadian employment figures. The pair hit resistance at the 38.2% retracement level and the 100-day moving average near 1.3720, prompting a pullback.
Since early April, sellers have dominated price action, though a recent move above shorter-term moving averages offered modest support. Key resistance remains at 1.3708-1.3720, with a sustained break needed to shift momentum toward buyers. Downside support sits near 1.3660.
The pair’s inability to hold above resistance reflects persistent selling pressure, with traders eyeing a potential drop toward 1.3631 if support fails.