The USDCAD has has moved below its 100 hour moving average 1.27597. That tilt the bias more to the downside in the short term.
The 38.2% retracement of the move up in September comes in at 1.27412. That was the low price from yesterday as well. The level is being broken as I type. Move and stay below would increase the short term bearish bias with the 200 hour moving average at 1.27079 the next major target. That is near a swing area and the 50% retracement of the same move higher between 1.26938 and 1.27079.
Through the FOMC decision the 50% retracement at 1.26938 will be the lower barometer. Move below is more bearish.
With the price breaking below the 100 hour moving average. That is the closest upper barometer that would give the bulls more control. Get and stay above that level would be more bullish.