The buyers have made some plays in the trading today
The USDCAD tested its 100 hour moving average earlier in the North American session and backed off. I referenced the hold in a post, and added that the 61.8% retracement will be eyed for intraday clues and potential support.
That retracement level at 1.26463 did hold support and the price moved higher, extending above the 100 hour moving average in the process.
The move higher two new session highs did find sellers near a swing area between 1.2704 and 1.27078 and just below the 200 hour moving average 1.27139 (green line in the chart above). The corrective move lower came down to retest the 100 hour moving average 1.2672. That test held. The prices moved higher and currently trades at 1.2694.
Holding the 100 hour moving average keeps the buyers in play and with the bias/control at least for the day.
Having said that, the swing area and the 200 hour moving average still need to be broken - and remain broken - to increase the buyers confidence and bias control. Last Friday, the price did move above the 200 hour moving average but quickly reversed back to the downside. Buyers would not want to see that pattern continue should the moving average be broken.
A move back below the 100 hour moving average would negate the bullish bias and could see buyers turned to sellers quickly.