USD/CAD Edges Higher but Remains Capped Below Last Week's Highs

USD/CAD is trading modestly higher on Monday after an early bearish attempt failed to gain traction below key moving averages. The pair initially opened on the defensive, slipping beneath the rising 100-hour moving average, but sellers were unable to sustain downside pressure as the 200-hour moving average at 1.4064 provided firm support. The subsequent rebound has pushed the pair back into positive territory for the session, though upside momentum remains limited with last week's highs acting as a clear resistance ceiling. The price action suggests a consolidation phase, with buyers defending the 1.4064 support zone while lacking conviction to break above the prior week's peak. Traders should monitor these technical boundaries closely, as a decisive break in either direction could set the tone for the remainder of the week. Near-term, the 100-hour and 200-hour moving averages define the trading range, and a catalyst from upcoming economic data or central bank commentary may be needed to resolve this impasse.