The USDCAD moved higher yesterday but met steady selling interest near its 100-day moving average. Sellers defended that level and drove the pair lower into the close.
Today, the selling has continued, pulling the price back into a familiar “comfort zone” where most trading occurred between early June and late July (see red box on the chart above). The top of that range aligns with the 38.2% retracement of the rally from the July 23 low, coming in at 1.3762. In the short term, 1.3762 will be the key level to watch for directional bias. Move back above that level could give buyers comfort from the failed break. Staying below and the end of the move up from the July 23 low at 1.37268 becomes the next target to get to and through.
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Sellers are making a play. Can they keep the momentum going?
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