The USDCAD has moved higher and away from the 200 day moving average at 1.2500. The price traded above and below that moving average over the last 7 or 8 hours with little downside momentum. That was a bit of a disappointment (the price could not get to the June 22 low of 1.34854). With stocks opening higher but giving up gains, there has been a counter move back higher and away from that MA level.
Having said that, the pair still needs to get and stay above the 50% retracement of the range since the June 9 low. That level comes in at 1.35146. On more upside momentum the underside of the broken trend line (see green numbered circles) comes in at 1.35327.
Traders looking for a move higher on the 200 day disappointment, will now look for the 200 day moving average to hold support at the 1.3500 level.