USD/CAD retreats to 1.3760 range as sellers defend 100-day MA resistance
USD/CAD has declined 0.4% to 1.3760 in Tuesday's session, extending yesterday's reversal from the 100-day moving average resistance. The pair failed to sustain gains above this key technical level, prompting renewed selling pressure that pushed prices back into the 1.3700-1.3800 consolidation zone that dominated trading from early June through late July. The current level coincides with the 38.2% Fibonacci retracement at 1.3762 of the rally from July 23 lows, adding significance to this support area. Technical indicators suggest the pair may continue ranging within this familiar zone unless a catalyst emerges to break the equilibrium. Immediate resistance remains at the 100-day MA near 1.3840, while support is found at the consolidation range bottom around 1.3700. Traders are monitoring upcoming Canadian employment data and oil price movements for directional cues.
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