The USDCAD spent Tuesday and Wednesday trading just above its falling 100-hour moving average (currently at 1.3637), but buyers never gained much traction. Finally in the US session yesterday, momentum faded further as price slipped down to retest Tuesday’s low at 1.3591 into the close That level gave way today, with the pair extending to a new weekly low at 1.3578, where it found temporary support with two separate bounces.

Following the release of the strong US jobs report, the pair spiked higher, but the rally stalled near 1.3617—the low from last week—and topped out at 1.3623, still shy of the key 100-hour MA (blue line at 1.3636). The inability to break through that dynamic resistance level once again emphasizes how important it is for buyers to reclaim and hold above that MA if they want to shift momentum.

As of now, the price is trading back below Tuesday’s low at 1.3591, and sellers are once again pressuring the session lows. The overall price action is disappointing for USD bulls, highlighting the ongoing control sellers maintain over the USDCAD pair. Without a clear break above the 100-hour MA, the bias remains tilted to the downside.