USDCAD tests key moving average in early U.S. trading

The USDCAD currency pair is rising in early U.S. trading. It is currently testing a critical moving average level set at 1.43619. This is an important point for both buyers and sellers. Earlier in the day, buyers managed to defend against a drop when the price hit a low near the 100-hour moving average at 1.4318. Support levels remain strong, especially at the 100-hour moving average, which helped buyers maintain control. There is also a strong support zone around the weekly low at 1.4268. If this level is broken, it could suggest a shift towards bearish sentiment. On the resistance side, the immediate challenge is the 200-hour moving average at about 1.4360. If the price breaks above this level, it could lead to further gains. A resistance area between 1.4448 and 1.4471 has posed challenges in the past. Short-term momentum looks bullish since the 100-hour moving average is below the current price. The test of the 200-hour moving average could either confirm upward movement or lead to a pullback toward lower support levels. In summary, buyers have regained momentum after defending the lower levels. However, a clear break above 1.43619 is needed to maintain this upward trend. If the resistance at the 200-hour moving average holds, we might see some consolidation or further declines in price.