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The USDCAD moved lower in the latest hourly bar, testing Monday’s low near 1.3649. The break lower has been modest so far, but sellers remain in control as downside pressure persists.Earlier in the session, the pair briefly moved higher following the PPI release, but that rally quickly faded after the price tested the 100-hour moving average at 1.3686, which was closely aligned with the 200-hour moving average near 1.3680. The failure against this moving average cluster reinforced resistance and helped trigger the renewed move lower.For buyers to regain control, the price must break and hold above both the 100- and 200-hour moving averages. Until that occurs, the technical bias remains tilted toward the downside.On the downside, a sustained move below Monday’s low at 1.3649 would open the door for further selling, targeting 1.3630 initially, followed by a broader swing support zone from mid-February surrounding the 1.3600 level.Sellers are now pressing their advantage. The key question is whether they can maintain momentum and expand what has been a relatively tight trading range for the week.
This article was written by Greg Michalowski at investinglive.com.
💡 DMK Insight
The USDCAD’s recent dip towards 1.3649 signals a critical moment for traders: With sellers firmly in control, the pair’s struggle to maintain upward momentum post-PPI release hints at underlying weakness. The brief rally earlier in the session was short-lived, suggesting that market sentiment is leaning bearish. Traders should be cautious; if the pair breaks below 1.3649 decisively, it could open the door for further declines, potentially targeting the next support level. Keep an eye on broader economic indicators and market reactions, as they could amplify volatility. On the flip side, if USDCAD manages to reclaim ground above recent highs, it might indicate a shift in sentiment, but for now, the downside pressure is palpable. Watch for any significant news that could impact the CAD or USD, as these could serve as catalysts for movement in either direction.
📮 Takeaway
Monitor the 1.3649 level closely; a break below could signal further downside, while a recovery above recent highs may shift sentiment.
