The USDCAD has moved higher in today's trading, pushing up to test both the 200-hour moving average at 1.3845 and the 100-hour moving average just above at 1.3854. These levels now define the near-term technical ceiling.

A firm move above both MAs—with momentum—would open the door to further upside targets. The first level to watch is the weekly high at 1.3891, followed by the recent 10-day high at 1.3904, a key resistance zone from earlier in April. A move above that area opens the door for more upside probing. Overall however, the price is still way below the 38.2% retracement of the move down from the April 1 high. That level comes in at 1.40229.

Failure to break higher would turn focus back to the downside, with initial support at 1.38078, followed by the 1.37808 low— the low price for the year and going back to October 2024

Key levels to watch:

• Resistance: 1.3854 (100-hour MA), 1.3891 (weekly high), 1.3904 (10-day high)

• Support: 1.3845 (200-hour MA), 1.38078, 1.37808 (lowest level for the year and lowest level since October 2024)

Momentum above or rejection below the moving averages will shape the next move.