The last few days have clearly belonged to the sellers, who have continued to push the USDCAD lower and maintain the strongest technical hand (see prior posts and videos HERE and HERE).On Friday, I highlighted the increasingly important support developing below the market:The low today reached 1.3868, briefly moving below the bottom of a swing area between 1.38683 and 1.3877. However, the decline has so far stalled ahead of two increasingly important downside targets: a channel trendline near 1.3859 and the 200-day moving average at 1.3852. That 200-day moving average is particularly important.I also added:I would not be surprised to see some apprehension on the first test of that level. Sellers who entered at higher levels may look to take some profits, while dip buyers may lean against the moving average looking for a corrective bounce. Importantly, the level also gives those buyers a clearly defined area where risk can be limited.That test has now arrived.The channel trendline and the 200-day moving average have both been tested today, and so far they are holding as support. That makes this area the key technical barometer for the USDCAD today and going forward.For dip buyers leaning against that support, the question now becomes: What would give them some added confidence?The first step would be a move back above the broken swing area between 1.3868 and 1.3877. Getting back above that zone would give buyers some breathing room and shift the focus toward the 50% retracement of the move up from the May 1 low at 1.3899.From there, the upside roadmap becomes increasingly difficult. Buyers would still need to work through the 100-hour moving average at 1.3912, followed closely by the 100-day moving average at 1.39175.So, the road back higher is not an easy one, but the levels are clearly defined:1.3868–1.3877: First hurdle for dip buyers1.3899: 50% retracement and next upside target1.3912: 100-hour moving average1.39175: 100-day moving averageOn the downside, the 200-day moving average remains the line in the sand. A sustained break below that level would reinforce the sellers' control and open the door for another leg lower. The next major downside target would then come in at the 61.8% retracement at 1.38169.For now, the battle is centered on the 200-day moving average. Hold it, and dip buyers have a chance to build a corrective rebound. Break it, and the sellers remain firmly in control with 1.38169 next on the radar. This article was written by Greg Michalowski at investinglive.com.