Sellers had their shot?
The USDCAD moved lower into the London session and in the process dipped below the 100 hour moving average at 1.25681 (blue line in the chart below). Over 4 separate hourly bars, the price traded below that moving average level but could not develop much downside momentum (or get to the 50% midpoint of the July trading range at 1.25543). The sellers had their shot (4 shots). They missed.
The price has now pushed higher and looks toward a test of what has been the high over the last 5+ trading days. That level comes in at 1.2606. The pairs 200 day moving average is also at that level. Just above is the 200 hour moving average at 1.26167.
All levels are in play and would need to be broken if the buyers are to take more control.
The pairs trading range of about 81 pips over the last 5+ trading days is very narrow. If you look at the calendar weeks, the most narrow trading range in 2021 was around 110 pips. There is room to roam on a break.
Something has to give. Right now (i.e. today), the sellers had their shot. The buyers are trying to take their shot but have work to do with a move above the MA levels above.