The USDCAD moved lower as cease-fire optimism out of the Middle East helped shift the broader market tone. The news weighed on the USD, while stocks pushed higher and yields moved lower, creating a more risk-on backdrop that pressured the pair to the downside. Technically, the move lower did break below an upward-sloping trendline on the hourly chart, giving sellers a brief edge. However, the downside momentum stalled before reaching more significant support near the 200-day moving average and the 50% midpoint of the rally from the March 23 low, which comes in around the 1.3816 area (the low reached 1.3825).That inability to extend lower proved telling. Buyers leaned against that support zone, and the price quickly rebounded, moving back above the broken trendline. The recovery also saw the pair reclaim the 38.2% retracement at 1.38514 and push above the prior swing low from last week near 1.3868, both of which now act as near-term barometers for bias. The bounce extended to a high of 1.3874 before modest selling resumed.From here, the technical battle lines are clearer. For buyers to take more control, they need to hold above the 1.3851–1.3868 support zone and push back toward higher resistance targets, building on the failed breakdown. On the flip side, sellers had their shot on the cease-fire headline but failed to fully capitalize. A move back below that same support area—and especially a break toward the 200-day MA/50% midpoint—would be needed to tilt the bias back in favor of the downside. This article was written by Greg Michalowski at investinglive.com.