The USDCAD moved higher on the back of the weaker Canada GDP and the move has extended to the 200 hour MA (green line in the chart above) at the 0.9882 level.
Traders have taken profit/sold against the level as they are simply not ready to call the bearish move to the downside since April 23rd (see chart), complete. On corrections lower, they will be watching the broken 38.2% retracement of that move at the 0.9867 level (with support down to 0.9860). A move below that support area, could see some further corrective potential.
The buyers today, would not like to see the price move back below the broken 100 hour MA (blue line in chart above) and trend line at the 0.9842 area. Just like there are those looking to sell against the 200 hour MA, I would expect the same trader reaction on a test of the 100 hour MA below. In either case, if there is a break below the 100 hour MA or a break above the 200 hour MA, I would expect stops to be triggered.
