The USDCAD moved lower last week, breaking below both its 100-hour and 200-hour moving averages and shifting the near-term technical bias in favor of the sellers. The decline also pushed through the mid-July low near 1.4000, reaching a session low of 1.3990. However, that move stalled just short of the key 38.2% retracement of the rally from the May 1 low to the June high, which comes in at 1.39812. That Fibonacci level remains an important line in the sand. If sellers are to gain stronger control, they need to break below it and, more importantly, stay below it. They were unable to do so last week.Friday's trading saw the pair rebound before those gains faded, with the price reversing lower and closing back near the 1.4000 level. In today's trading, early Asia-Pacific selling again found support at 1.40005, prompting another bounce. However, buyers have so far been unable to reclaim the falling 100-hour moving average, currently at 1.4051. To improve the short-term outlook, buyers need to move above that level and then push through the 200-hour moving average at 1.40709.For now, the battle lines are clearly defined. Support is holding near 1.4000, while resistance is capped by the falling 100-hour moving average at 1.4051. Traders will be watching closely for a break beyond either boundary, with momentum likely to determine the next directional move.For more details from a technical perspective, click on the video above. This article was written by Greg Michalowski at investinglive.com.