USDCAD tests key support at 1.4268

The USDCAD is currently lower as it tests the lower end of a trading range between 1.4268 and 1.4471. This range has been consistent, with prices moving up and down without breaking out significantly due to news about tariffs affecting Canadian goods. In February, the pair fell below 1.4268 for about a week before finding support around 1.4150. Recently, it dipped to 1.42653 but quickly recovered to about 1.4290. For buyers to see potential gains, the price needs to rise above 1.4300, which is seen as a key resistance level. Yesterday, the price fell below important moving averages, indicating a bearish trend. This led sellers to drive the price lower. Market participants are now wondering if support will hold and allow the price to rise again after testing these critical levels. If the price breaks lower, the next significant target is the 100-day moving average at 1.42319. This level is close to the low reached earlier this month. The USDCAD has not traded below this moving average since October 2024.