The USDCAD moved lower in the latest hourly bar, testing Monday’s low near 1.3649. The break lower has been modest so far, but sellers remain in control as downside pressure persists.
Earlier in the session, the pair briefly moved higher following the PPI release, but that rally quickly faded after the price tested the 100-hour moving average at 1.3686, which was closely aligned with the 200-hour moving average near 1.3680. The failure against this moving average cluster reinforced resistance and helped trigger the renewed move lower.
For buyers to regain control, the price must break and hold above both the 100- and 200-hour moving averages. Until that occurs, the technical bias remains tilted toward the downside.
On the downside, a sustained move below Monday’s low at 1.3649 would open the door for further selling, targeting 1.3630 initially, followed by a broader swing support zone from mid-February surrounding the 1.3600 level.
Sellers are now pressing their advantage. The key question is whether they can maintain momentum and expand what has been a relatively tight trading range for the week.
