USDCAD rejected at 100-hour MA, retreats to 1.3970 swing zone

USDCAD rallied during Asian and European sessions but faced rejection at the falling 100-hour moving average, reversing gains in North American trading. The pair has declined from session highs near 1.3990 to test the critical swing zone between 1.3968-1.3975. The failed breakout attempt at the 100-hour MA signals persistent selling pressure despite earlier buyer momentum. Technical traders are closely monitoring this swing area as a decisive break below 1.3968 could accelerate losses toward 1.3950 support. Conversely, a successful defense of this zone might encourage another attempt at the 100-hour MA resistance. The Canadian dollar's resilience comes despite broader USD strength, suggesting domestic factors or oil price movements may be supporting CAD. Near-term direction hinges on whether buyers can defend the current swing zone or if sellers push through to target deeper support levels.