The USDCAD has seen the pair's price action initially base near swing lows from yesterday (see green numbered circles), run above a higher swing area between 1.28920 and 1.2907, but found resistance sellers against a higher swing area between 1.29287 and 1.29363 (see red numbered circles), and the falling 100 hour MA (blue line currently at 1.2933).
The price rotated lower on the dollar selling after the ECB rate decision, but rotated back to the upside retesting the 100 hour MA only to find sellers once again against the higher swing/MA. The pair is moving back down to test the lower swing area in the chart (blue numbered circles).
Up and down. Up and down.
However, what is key is the price stayed below the 100 hour MA and the higher swing area. Given the recent move lower, that keeps the sellers more in control. As I type the lower swing area is now being broken.
Next stop on more selling? The lows from yesterday and today near the green numbered circles.