Tatiana Dementieva
⬤ USD/CAD made an attempt to push higher during the European trading hours but couldn't maintain ground above a critical resistance point. The pair climbed back toward 1.39 and tested the previous high near 1.3920, but that's where the rally ran out of steam. After getting rejected at that level, price dropped back down and is now hovering around 1.39 again—putting the pair right back at a key decision zone.
⬤ Looking at the chart, there's a clear range taking shape. Resistance is sitting near 1.3920, while support has been holding firm between 1.3860 and 1.3870. These levels have been acting like walls over the past few sessions, creating a pretty straightforward trading setup. The fact that price couldn't punch through the prior high shows that upward momentum is losing steam, but at the same time, buyers keep stepping in near support to prevent any meaningful slide lower.
⬤ Right now, the intraday action looks more like consolidation than any kind of trend continuation. USD/CAD has been bouncing around short-term moving averages while staying locked inside the horizontal boundaries of this range. Volatility has cooled off as both buyers and sellers are reacting to these technical levels rather than driving any strong directional moves. The way price keeps coming back to test the 1.39 area just confirms it's acting as the pivot point for this entire structure.
⬤ This range matters because it's setting up the next potential breakout move. If USD/CAD manages to break and hold above 1.3920, that would signal a structural shift and open the door for further upside. On the flip side, a clean break below the 1.3860–1.3870 support would suggest sellers are taking control again. Until one of these boundaries gives way, the pair is likely to stay boxed in, with traders watching these levels closely for hints about where it's headed next.
Tatiana Dementieva
