Range is only 36 pips (63 average over the last month)

The USDCAD has dipped back below its 100 hour MA and in the process is making new day lows for the pair.

In addition, to tilting the bias more to the downside, the break above of the 100 hour MA yesterday, never pressured the higher 200 hour MA target (green line at 1.3148). So the bulls never really got the ball rolling higher.

The move to new lows, extended the range for the day. The current range is 36 pips which is still well short of the month average of 63 pips.

Going back in time, the pair traded to the lowest level since November 2018 on Friday - taking out the 2019 low at 1.3068 (the low reached 1.3059). However, selling dried up just a few pips from old low and the price corrected. As noted, the correctio was mild. Today's high could not even extend above yesterday's high.

USDCAD on the daily

Sellers are still in control.

On Friday, Canada will release their employment numbers along with the US. The net change in employment is expected to rise by 9.9K after a higher than expected 27.2K rise last month, and a huge 106.5K rise in April.