The price is trying to move away from swing area between 1.25769 to 1.25832.
The USDCAD is trading to a new low going back to September 7.
The move lower today took out the low price from yesterday at 1.25566 (see hourly chart above). In the process, the pair has moved below a swing area between 1.25769 and 1.25832 (see red numbered circles) . That is now a risk level for shorts. Stay below and the sellers remain in control.
Looking at the chart, the high price today did see the pair run up to a old swing area between the 1.26318 and 1.26382. Sellers leaned ahead of that swing area and push the price back to the downside in the European session.
The move down today is being helped by continued rise in crude oil prices. They are currently up $1.54 or 1.98% at $79.15. That is a seven year high for crude oil.
PS Of note from the technical perspective, on Friday, the price moved back below the 200 and 100 hour moving averages tilting the bias more to the downside. Note how the corrective price on Friday after the break did find sellers against the 100 hour moving average (blue line in the chart). That was a bearish clue that has seen follow-through selling both on Monday and again after the corrective action today.