The USDCAD has slipped to a new session low at 1.4079, putting the focus squarely on its 200-hour moving average at 1.40792. This level has been an important technical pivot over the past several sessions. Last Friday, buyers stepped in after the pair tested the moving average. On Monday, the decline stalled just above it, and both yesterday and today the market has once again found support in the same area.The technical picture is straightforward. As long as the price remains above the 200-hour moving average, buyers still have a chance to regain control. Their first hurdle comes at the 100-hour moving average, currently at 1.40958. A move back above that level would shift the near-term bias more firmly to the upside and have traders targeting the former support zone between 1.41297 and 1.41488, which has since turned into resistance.On the downside, however, a sustained break below the 200-hour moving average would hand control back to the sellers. The first target would be last week's swing low at 1.4055. A move below that level would increase the bearish momentum and open the door toward Monday's low near 1.4003 (just above the key 1.4000 psychological level). If sellers can extend below 1.4000, attention would then turn to the 38.2% retracement of the rally from the May 1, 2026 low, which comes in at 1.39812.The FOMC rate decisions later today at 2 PM. The Fed is expected to keep rates unchanged but there is a 35% chance of a tightening price by the market. Despite the move lower in the USDCAD, yields are higher with the two-year up 3.0 basis points at 4.307%, the 10 year is up 2.4 basis points at 4.628%.Stocks are under pressure with the NASDAQ now down 1% in the S&P down -0.7%. The NASDAQ is now below its 100 day moving average at 24773.56. The S&P fell below a upward sloping trend line (see post from earlier today by clicking here) This article was written by Greg Michalowski at investinglive.com.