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USDCAD tests swing resistance near 1.4149 before turning lower

The pair slid back after reaching 1.41490, with key levels to watch including 1.41297 and 1.4100.

Reported · Written up by our desk · Major Pairs

USDCAD moved higher after holding support at 1.4080, pushing into the next swing area between 1.41297 and 1.41488, according to Forexlive.

The high reached 1.41490, slightly above the top of that zone, before price turned lower, raising the question of whether the recent high is already in place.

Forexlive said a move back below 1.41297, followed by the price staying under it, would bring an upward-sloping trend line near 1.4100 into focus, with a further break below shifting attention to the 100-hour moving average at 1.4057.

The outlet added that if USDCAD moves back above 1.41488 and holds there, the current stall would lose significance and the prior consolidation area extending toward 1.42474 would come back into play.

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