The USDCAD fell to a new session low early in the North American session, briefly dipping below a swing level near 1.36697. However, the decline stalled at the 50% midpoint of the move from the July low to the July high, which came in at 1.36645. Buyers leaned against that midpoint level, and price has since rebounded back toward 1.3676.Holding above the 50% retracement level increases its significance as a key risk and bias-defining level. A sustained move higher opens the door to a retest of the broken 38.2% retracement at 1.36902, followed by the session high at 1.36944.That 1.36944 level also aligns with the low from Friday and an interim low from Monday, adding to its importance as resistance. In effect, the technical range for USDCAD is now defined between support at 1.36645 and resistance at 1.36944. Traders will be watching for a breakout beyond this band to define the next directional shove.Ask ChatGPT This article was written by Greg Michalowski at investinglive.com.