USDCAD Technical Analysis: Buyers Break 100-Hour MA Resistance
Key Takeaways
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100-Hour MA Breach: For the first time since late November, USDCAD buyers have pushed the price above the 100-hour moving average (1.3768), snapping a streak of 5 failed attempts.
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The Next Major Hurdle: The recovery is facing stiff resistance near the 1.3800 level and the falling 200-hour moving average (1.38055).
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Neutral Bias: While the immediate bearish grip has loosened, the technical bias is currently neutral as the pair trades between the 100-hour and 200-hour moving averages.
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Upside Targets: A break above 1.3805 opens the door toward the 50% midpoint at 1.38394 and the 200-day moving average at 1.38678.
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Critical Support: If the breakout fails, traders will eye the key support floor between 1.3720 and 1.3726.
