The USDCAD is seeing bearish pressure after failing to hold above the 50% retracement level near 1.37782 yesterday. That failure shifted the bias from bullish to bearish, giving sellers the upper hand.

Today, the focus is on the 1.3722 area—a key confluence of the 100-hour moving average and the broken 38.2% retracement level. Price action below this level signals that sellers are making a more serious play in the short term.

If downside momentum continues:

• First key support comes in at the swing area between 1.36858 and 1.36923

• A break below that opens the door toward the 200-hour moving average near 1.3665

A move back above 1.3722 would undermine the bearish bias and shift the near-term balance.

Key Levels:

• Resistance: 1.3722, 1.37782 (50% retracement)

• Support: 1.36858–1.36923 (swing area), 1.3665 (200-hour MA)