The USDCAD has broken above its 100-day moving average for the first time since April, signaling a potential shift in trend. The moving average—currently at 1.38279—had been sloping steadily downward, reflecting the sustained bearish bias of recent months. However, today's breakout marks a key technical milestone.The pair is currently trading around 1.3835, having reached a session high of 1.3841. While the 100-day MA is still declining, the fact that price has also broken above a two-month consolidation range strengthens the bullish case.Immediate support now comes in at the June high of 1.3797. Holding above this level keeps buyers in control and sustains the breakout narrative. A break back below would risk slipping back into the old range and dull near-term momentum.On the topside, the next key target is the May 29 high at 1.3859. A move above that would open the door toward a key swing zone between 1.3928 and 1.3978, defined by multiple highs and lows (see red numbered circles on the chart).Summary of key levels:Support: 1.3797 (June high, former range top)Initial resistance: 1.3859 (May 29 high)Upside target zone: 1.3928–1.3978 This article was written by Greg Michalowski at investinglive.com.