Yesterday, USDCAD moved higher, testing a cluster of key moving averages, including the 100-day MA and the 100-bar MA on the 4-hour chart. Sellers leaned into those levels, capping the upside and pushing the pair back lower. Those two MA are near converged (see blue lines on the chart above) at 1.4285

Today, the downside momentum has continued, with price action extending into a swing area between 1.41498 and 1.41789. The session low came in just below the lower boundary at 1.41496, where buyers stepped in to defend support and drive the price back higher.

Since then, price has fluctuated above and below the top of that swing area, but the falling 100-hour moving average—currently near 1.4197—has attracted seller interest and is acting as resistance (see blue line on chart below).

At this point, technical levels are clearly defined:

• Resistance: 100-hour MA at 1.4197. A break above would target the next key level near 1.42386.

• Support: Swing area low at 1.41498. A break below would open the door toward the 50% retracement level at 1.4108.

In between and the buyers and sellers are battling.