USDCAD sellers remain in full control, but sellers stall the fall near swing area target.

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USDCAD remains near the lower bound of its new Red Box range between 1.4260 and 1.4466, with sellers maintaining control. A key swing area between 1.4260 and 1.4269 has been tested in recent days, as the pair briefly dipped below, reaching 1.42545 yesterday and 1.4254 today before bouncing higher. Despite these dips, the price has struggled to sustain momentum below this support level.

On the upside, today’s corrective high extended to 1.4304, aligning with a resistance swing area between 1.4290 and 1.4304. Just above that, the 100-hour moving average sits at 1.43087, acting as an additional barrier for buyers. This creates a clear technical battleground, with 1.4260 as a key support level that must be broken and held below for further downside, while 1.4304–1.43087 remains a resistance zone capping upside moves.

Currently trading at 1.4278, the pair still favors sellers. A decisive break and hold above the 100-hour moving average would be needed to shift momentum toward buyers. Until then, the downside bias remains intact.

This article was written by Greg Michalowski at www.forexlive.com.