Support neat 1.2580 to 1.2596 stalled the fall again today
The price of the USDCAD has moved higher and is getting closer to its falling 100 hour moving average and the broken 61.8% retracement at 1.26643. Just above that sets the 200 hour moving average at 1.26721.
The price last week moved sharply higher peaking at 1.29483. Since then, the sharp rise has been reversed with the price moving back to the old ceiling area between the 1.2580 and 1.2596 area. Buyers have leaned against that level over the last three trading days.
So, there is a battle going on between the old ceiling now floor on the downside, and the moving averages above. Traders will be looking for a break with momentum in the direction of the break. Alternatively, risk focus traders will lean against those levels and hope that the market continues to consolidate and the battle continue.