The USDCAD opened near the highs from earlier this month at 1.3752, but upside momentum stalled when the price failed to extend above yesterday’s high at 1.37476. That failure prompted buyers to turn to sellers, pushing the pair lower in early trading.

On the downside, the 100-hour moving average (currently near 1.37086) once again became the key focus. This level has been well-defined support over the past few sessions. Yesterday, the price tested the moving average on two separate occasions and found willing buyers both times. Similarly, on Wednesday, multiple dips into the level were met with buying interest, reinforcing its importance as a short-term floor.

In today’s trade, the first test of the 100-hour moving average held initially, but sellers were able to push the price below the level toward 1.3707, extending to a session low of 1.3700. However, downside momentum could not be sustained. As selling pressure faded, the price rotated back higher, and once it moved back above the 100-hour moving average, short sellers were forced to cover on the failed break. That shift helped drive the price back up toward a retest of yesterday’s high at 1.37476.

Once again, that level attracted sellers. The inability to break higher kept the range intact, and the price has since rotated back to the downside, with the pair now trading back toward the 100-hour moving average, which remains the key pivot point for traders.

The technical story remains largely unchanged from yesterday. The 100-hour moving average continues to define near-term bias. A break below that level should open the door for further downside momentum, with targets at 1.3700, followed by the Wednesday swing low at 1.3687, and then the rising 200-hour moving average near 1.36675. Conversely, if buyers once again defend the 100-hour moving average and push the price higher, traders will look toward resistance at 1.3724, followed by yesterday’s high at 1.3747, and the monthly high at 1.3752.

In short, the market remains range-bound, with buyers defending support and sellers capping the highs. The next break—either below the 100 hour MA or the highs for the month, will be eyed for further momentum in the direction of the break.