100 hour moving average at 1.26499
The USDCAD has moved back down to retest its 100 hour moving average at 1.26499, and found buyers against day moving average level. Watch the 1.26748 level for intraday clues. Get above should have traders looking back toward the highs for the day near 1.26936 and 1.26976. That area corresponds with swing highs going back to March 1 (see red numbered circles). The high price today reached 1.26995 but quickly reversed back lower and then use the swing area as resistance.
It would take a move above the 1.2700 level to solicit more buying. Having said that a move below the 100 hour moving average followed by the 200 hour moving average at 1.26315 is needed to increase the bearish bias. The lows in the Asian session found support against the 200 hour moving average.