USD/CAD Bears Challenge 200DMA- Uptrend at RiskU.S. Dollar / Canadian DollarFOREXCOM:USDCADFOREXcomUSD/CAD is testing confluent support here at the 200-day moving average and the 50% retracement of the November decline around 1.3811/18. Ultimately, a break / close below the highlighted trendline confluence near 1.3770s would be needed to suggest a more significant high is in place and invalidate the March uptrend. Subsequent support seen at the September & August lows, the yearly open, and the 38.2% retracement at 1.3725/33. Initial resistance is eyed at the October low and the 61.8% retracement at .3889. Note that the upper parallel converges on this threshold over the next few days and a breach / close above this slope would be needed to mark uptrend resumption. Subsequent resistance eyed at the August & January high at 1.3925/29 and the 2022 high & 78.6% retracement at 1.3978/99. Bottom Line: USD/CAD is trading just above the 200-day moving average with uptrend support just lower. It’s decision time for the bulls. From a trading standpoint, rallies need to be limited to 1.3889 IF price is heading lower on this stretch with a close below the lower parallel needed to fuel the next major leg of the decline. -MB