The USDCAD remains trapped in a narrow trading range, with the market awaiting a clear directional push. Momentum has stalled, and traders are looking for a decisive break to define the next leg.
On the downside, support is clearly defined at the 100-bar moving average on the 4-hour chart, currently near 1.37414. A break and hold below this level would weaken the short-term structure and open the door for deeper corrective moves.
On the topside, the 100-day moving average has been breached on a couple of occasions this week but has more recently acted as a firm ceiling. Sellers have leaned against this level, reinforcing a stronger bearish bias. However, a clean re-break above the 100-day moving average would be a notable bullish signal and could spark a shift in momentum back toward the upside.
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The accompanying video outlines these technical levels in detail and explains the reasoning behind each, along with what traders should watch for in the sessions ahead.
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