The USDCAD pair encountered firm resistance at the 100-hour moving average, currently near 1.4329, halting the latest bullish push. The inability to break above this level triggered a downside rotation, signaling that buyers lacked the momentum needed to clear key near-term resistance. The 200-hour MA, located just above at 1.4343, also contributed to the ceiling. Going forward, a move above both of these moving averages would be needed to boost buyer confidence and shift the short-term bias more firmly to the upside.

On the downside, price is now pressing into a critical support zone between 1.4268 and 1.4278, defined by recent swing levels (noted by red circles) and the lower boundary of a short-term consolidation range. A firm break below this area would likely accelerate downside pressure, with the next major target being the 100-day moving average at 1.4252—a key technical level that hasn’t been breached since October 9.

Until price breaks clearly above 1.4329 or below 1.4268, the pair remains in a neutral short-term range. However, as long as it holds below the 100-hour MA, momentum leans bearish. Sellers will look to first push through the swing support zone, then target the 100-day MA to maintain downside control.