Be on the lookout ....
The USDCADs price action today (see 5- minute chart below) saw a double bottom form in the Asian session (see red numbered circles). That led to a corrective move higher that stalled at the 38.2% of the move down from Wednesday's high. That is more bearish and when the price fell below the 100 and 200 bar MA (blue and green lines, the selling intensified.
The fall lower took the price below the low from Tuesday at 1.2525 but only to a new low around 1.2520.
The correction higher stalled at the 200 bar MA. Bears remain in control.
The next fall took out the lowest low today but only by a pip. That is where the impatience may come in for the sellers.
The price is already moving higher as I type. If the the price starts to take out the 200 bar MA and the trend line above, that could lead to more short covering in the pair as the impatience by the sellers, leads to more buying/covering.
If the momentum does intensify, a move back toward the 100 hour MA (at 1.2566) may be in the cards.
PS crude oil in pushing lower and does not seem all that concerned about the Gulf storm. That may weaken the CAD (USDCAD higher).