The USDCAD is trading within a narrow 43-pip range today, well below the 113-pip average over the past month. The session low was set early at 1.3849, while the high reached 1.38917. The current price is trading around 1.3868.

On the hourly chart, the lows from the past three trading days have consistently found support near the 100-hour moving average. Today, the 100-hour moving average crossed back above the 200-hour moving average — a modesly bullish short-term signal — with both now converging near 1.3855 (the 100-hour at 1.3853 and the 200-hour at 1.3857). The early North American session low touched 1.3854, just above those averages. A break below the moving averages would open the door for a move toward last week's swing lows at 1.3778 (Monday) and 1.3797 (Wednesday).

On the topside, the pair continues to post lower highs: Wednesday’s high was 1.39054, followed by 1.3898 on Thursday, 1.3892 on Friday, and today’s high at 1.38917. Breaking above these recent highs is needed to give buyers more confidence. A move higher would shift the focus toward the falling 100-bar moving average on the 4-hour chart, currently near 1.3953.

In short, USDCAD remains locked in a near-term battle. Resistance is firm near 1.3905, while support is reinforced by the clustered moving averages around 1.3855. Although the price is closer to support, a decisive break below the moving averages is still needed to tilt the bias more fully in favor of the sellers.