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USDCAD rebounds after support at 100-hour moving average
The pair last traded around 1.4106, with the 200-hour moving average near 1.4074 acting as a key line for the near-term bias.
USDCAD pushed higher and tested a former support zone between 1.41297 and 1.41488, which has since turned into resistance, according to Forexlive. In early Asian-Pacific trading, the pair reached 1.4128, then sellers stepped in and drove it lower.
The pullback found support at the 100-hour moving average at 1.40923, helping buyers slow the decline and spark a modest rebound. The 200-hour moving average is lower at 1.40737.
With USDCAD trading around 1.41056 ahead of the North American session, Forexlive said the 100- and 200-hour moving averages will define the key risk levels. Staying above both averages keeps a near-term technical advantage for buyers, while a drop below the 200-hour average would shift the short-term bias back toward sellers.
On the upside, buyers still need to clear the 1.41297 to 1.41488 resistance zone to strengthen the bullish case, Forexlive added. If that zone breaks with momentum, attention would turn to the 1.4247 swing high as the next major upside target.