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.

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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