USDCAD holds above key MAs despite intraday weakness

USDCAD is trading 0.15% lower on the day at 1.3815, maintaining position above critical moving averages despite early-week selling pressure. The pair found solid support at the 100-day moving average near 1.37631 late last week, bouncing from this technical floor to close near weekly highs. Monday's session saw two tests of the rising 200-bar moving average on the 4-hour chart at 1.37967, with buyers stepping in both times to defend this level. The pair's resilience above these key technical indicators suggests underlying bullish momentum remains intact. Oil prices remain relatively stable near $69 per barrel, limiting CAD strength. Traders are watching for a decisive break below 1.3796 support which could accelerate selling toward the 1.3763 area. Conversely, a move above 1.3850 resistance would target the psychological 1.3900 level, particularly if US economic data continues supporting dollar strength.