MA and retracement around the 1.2500 area
The longs/buyers took more control on Friday when the price of the USDCAD moved above a trend line and the 100 bar MA on the 4-hour chart (blue line in the chart below at 1.23905 currently).
In the early part of today, the price dipped down toward the 100 bar MA (blue line in the chart above), only to find the buyers stall the fall and take the price back higher.
The run higher has taken the price close to the 200 bar MA on the 4-hour chart at 1.25005 (the high reached 1.24926). Just above that level is the 38.2% of the move down from the December high (at 1.25032). Add the natural resistance at the 1.2500 area and some swing levels going back to early January at the area, and it makes that area a key resistance target that should stall on a test (with stops on momentum above). Be aware.
On the downside, the 5-minute chart shows the correction off the high at 1.24926 stalled ahead of the 38.2% at 1.2456. The Asian Pacific session high stalled at 1.2450. That area is a barometer for more bearish on a break below.
