USDCAD 200-hour MA held into the close as the pair posted a modest rebound after failing to break lower.
The pair rose on Monday and moved back toward a former support area at 1.41297 to 1.41488. That zone now acts as resistance. In early Asian-Pacific trade on Tuesday, USDCAD reached 1.4128. However, sellers then pushed the pair lower from just below that range.
The drop found support at the 100-hour moving average at 1.40923. Buyers then slowed the move and lifted the pair modestly. Meanwhile, the 200-hour moving average stood at 1.40737. USDCAD last traded at 1.41056.
USDCAD 200-Hour MA Sets Key Support
Heading into the North American session, the 100-hour and 200-hour moving averages marked the main risk levels. As long as price stays above both lines, buyers keep the near-term edge. However, a move below the 200-hour average would shift the short-term bias back toward sellers.
The resistance area at 1.41297 to 1.41488 remains the next key test on the upside. Buyers need to break above that zone to improve the bullish setup. If price clears that area with momentum, traders would then look toward the 1.4247 swing high.
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Source: InvestingLive
