USDCAD Technicals: Bias remains technically to the downside. Sellers remain in control

The USDCAD remains relatively unchanged at the beginning of the trading week. The Bank of Canada (BoC) held its rate at 2.25% last week, indicating a pause in its easing cycle, with a reassuring view on the economy despite global uncertainties. Canada’s CPI for November showed stability at 2.2%, supporting BoC's views but highlighting rising food inflation. The USDCAD is biased downwards as sellers maintain control. After peaking near 1.4139 in early November, recent price action has shown a downward trend, with a new cycle low of 1.3747 today. Each corrective bounce has met resistance near the falling 100-hour moving average, indicating continued seller dominance. If prices stay below this average, rallies are likely to be seen as selling opportunities rather than a reversal of trend.