The USDCAD is experiencing volatile price action today after similarly choppy movements on Monday and Tuesday. Earlier this week, the pair's upside stalled just below the 61.8%回撤 of the 2025 trading range at 1.4547, failing to sustain momentum above a key “红盒”整合区 between 1.4268和1.4471. Notably, the upper boundary of this range aligns with the 50%中点 of the 2025 range, reinforcing its significance as a key resistance level. Staying below this level keeps sellers in control.

Ahead of that, traders are watching the 100-小时移动平均线（蓝线）在1.44487, which could act as an intraday pivot. On the downside, key support levels include the 挥杆水平为1.4366 and the 200小时均线上涨至1.4354—both of which need to be broken for sellers to strengthen their grip. A move below these levels could shift focus back toward the “红盒”下限为1.4268.

Technically, this structure provides traders with clear guardrails—outlining where price is contained and where breakouts could shift momentum. However, fundamentals remain a key driver, capable of rapidly pushing price toward or beyond these technical barriers. While 本周早些时候买家已经控制住了，今天卖家重新获得了动力. The question now is—他们能维持吗？