The up and down price action saw the USDCAD stall at an floor on the hourly chart.
The USDCAD rebounded higher in the Asian/early European session, and in the processes all the pair move up to test a floor from Monday and Tuesday at 1.2730. The high price reached 1.27291, and found sellers. The floor became the ceiling.
The subsequent step lower is now seeing the pair move below its 100 hour moving average 1.26674 and 38.2% retracement at 1.26598. Stay below each, will have traders looking toward the 200 day moving average at 1.26217. ON Monday, the price moved above the 200 day moving average for the first time since July 2020 (1 year ago). I would expect buyers against that moving average level on a test. It is also near the 50% of the move up from last week’s low at 1.26144