The USDCAD pushed higher during the early Asian session but once again ran into willing sellers at the falling 100-hour moving average, currently at 1.41685.
That level has become a reliable barometer for short-term bias
Last Wednesday, buyers tested the moving average and failed. On Thursday, another rally toward the same level attracted fresh sellers. Today’s rejection marks the third consecutive test, reinforcing the bearish short-term technical bias.
What has been disappointing for sellers, however, is their inability to build on the break below key support. On Friday, the pair slipped beneath the 1.41488 swing level and through the important 1.41297–1.41386 swing area—a zone that had acted as support since the breakout above it on June 18. Although the price extended to a low of 1.41166, selling quickly lost momentum and buyers stepped back in.