The USDCAD moved lower earlier in the day as broad-based dollar selling pressure pushed the pair down, but buyers found support and helped drive the price back toward unchanged levels on the session. In the rebound, the pair climbed back above its 100-hour moving average, which currently comes in at 1.3600 — a key technical level and psychologically important round number.
With the price now back above the 100-hour moving average, attention shifts higher toward the 200-hour moving average at 1.36316. That level also aligns closely with a swing area between 1.3620 and 1.36305, creating a layered resistance zone that traders will be watching closely. As long as the price remains trapped between the 100- and 200-hour moving averages, the short-term bias remains more neutral and rotational.
For buyers to regain stronger control, the pair would need to break and hold above the 200-hour moving average and the nearby swing area resistance. A move above that zone would open the door for a run toward the next upside targets between 1.3652 and 1.3668. Beyond that, traders would start focusing on the 38.2% retracement of the decline from the April high to the May 1 low, which comes in at 1.37085
