A little different view on this one....
In the other examples outlined today (GBPUSD and EURCHF), the price had broken through the 100 hour MA and stalled at the 200 hour MA.
For the USDCAD, the price was on it's way back down AFTER moving higher earlier today on the back of weaker oil at the opening of NY trading. As a result, the pair has broken first below the 200 hour MA, and found support at the 100 hour MA. Note at the lows a trend line also helped provide support.
The same dynamics exist ....
Look for a break outside a MA, followed by momentum. Right now the dip buyers are resistance sellers.
