The sellers in USDCAD had their opportunity on the break below the bottom of the Red Box consolidation zone at 1.4268 and the 100-day moving average at 1.4260. However, the bearish push failed to gather momentum, with price holding just above the March 6 low at 1.4238.


That failure to break lower has shifted the near-term tone, as buyers pushed the pair back into the Red Box zone, reclaiming the 1.4268 level.


Currently, price is facing resistance at the 200-bar moving average on the 4-hour chart, now around 1.4318 (green line on the chart above). A break above this level would put the next technical target at the 100-bar MA at 1.4347.


If buyers can push beyond that, the bullish bias would strengthen, with the top of the Red Box consolidation at 1.4471 back in play.



Regards Jimmy