USDCAD: Buyers Break Key 100-Hour MA, Shift Momentum Higher

USDCAD has broken above the crucial 100-hour moving average resistance, marking a potential bullish reversal after sustained downward pressure since November 26. The pair had tested this moving average level on five separate occasions, with sellers defending it each time and maintaining the bearish bias. Today's decisive break above this technical barrier signals a character shift in market dynamics, suggesting buyers are gaining control. The successful breach comes after weeks of defensive positioning by dip buyers who were repeatedly pushed lower. Technical traders are now watching for the pair to hold above the 100-hour MA on any pullbacks, which would confirm the breakout's validity. The next resistance targets include recent swing highs, while the broken MA should now act as support. This development could attract momentum traders and trigger further upside if the level holds, potentially extending gains toward the 200-hour moving average.