USDCAD has moved sharply higher over the last three weeks of trading. The pair has risen from a low near 1.3760 on September 8 to a high of 1.4080 today—a gain of approximately 320 pips over 11 trading days.The move has been supported by a series of bullish technical breaks:The 200-day moving average, currently near 1.38377, was broken on September 11.The 100-day moving average, currently at 1.3952, was broken on September 16.The pair then moved above the 50% retracement of the decline from the June 24 high to the August 21 low at 1.39894.Today, buyers extended the price above the 61.8% retracement at 1.40503.Each technical break has given buyers additional confidence and strengthened the bullish bias. However, the pair is now testing another important resistance level that could determine whether the rally continues.Buyers test resistance at 1.4080The next key target is the 1.4080 area, which corresponds with swing highs from August 4 and August 5. That level is being tested today.A sustained break above 1.4080 would give buyers another green light and shift the focus toward a swing area between 1.4129 and 1.4148.If the price can extend above that zone, the next major target would be the June high at 1.42474.The progression on the topside is therefore:1.4080: Immediate swing resistance1.4129–1.4148: Summer swing area1.42474: June highBuyers remain in control, but they still need to prove that they can push through—and stay above—the resistance at 1.4080.What would weaken the bullish bias?With the price above the 61.8% retracement, that level at 1.40503 now becomes the closest risk-defining level for buyers looking for continued upside momentum.Stay above it, and the buyers maintain firm control.Move back below it, and traders may begin to question the latest breakout. Even then, the more important support would remain near the 50% retracement at 1.39894. That level is reinforced by a swing area extending up toward approximately 1.4003.My guess is that traders looking for more upside would not welcome a move back below that 1.39894–1.4003 area. Such a move would suggest that the bullish momentum is fading and that the market may be transitioning into a deeper correction.Downside targets if support breaksIf USDCAD falls back below the 50% retracement and the nearby swing area, the downside targets would become:1.3952: 100-day moving average1.39285: Broken 38.2% retracementJust below 1.3900: Converged 100- and 200-bar moving averages on the four-hour chartThose four-hour moving averages would represent a particularly important support area. A move back below them would do more technical damage and tilt the short-term bias more firmly toward the sellers.The technical roadmapFor now, USDCAD buyers remain in control after breaking a succession of moving averages and retracement levels. The immediate battle is at 1.4080.A break above that resistance would open the door toward 1.4129–1.4148, followed by the June high at 1.42474.Conversely, a move back below 1.40503 would take some steam out of the rally. A drop below the stronger support zone at 1.39894–1.4003 would be more concerning for buyers and could trigger a corrective move toward the 100-day moving average and the support levels below. This article was written by Greg Michalowski at investinglive.com.