USDCAD trades in an up and down range
The USDCAD moved down to retest the low from yesterday at 1.26025. The low price reached 1.26033 and has bounced to 1.2616 currently. Looking at the hourly chart, the low price from Tuesday's trade stalled near 1.2626. Getting above that level would give the short-term buyers some comfort.
The sideways 200 day moving average at 1.26595 would be the next target followed by the falling 100 hour moving average 1.2670. The high price today at 1.2686 tested the high price from Tuesday near the same level.
So overall, the USDCAD - in the short term - is in a up and down trading range near the recent cycle lows between 1.26025 and 1.2686, and are awaiting the next shove.