The USDCAD is trading up and down in choppy price action today. The pair is currently below the closing level from Friday at 1.3382, but the lows for the day tried to extend below the 100 hour MA (blue line currently at 1.33618). The two separate runs lower found early buyers.
A move below is needed to tilt the bias more to the downside going forward. Failure to break below keeps the buyers with more control.
Having said that, on the topside, there is some cause for pause. The high from Thursday was equaled on Friday at the 1.34174 level. The high today was below those levels at 1.34028.
With the price lower on the day, the double top and the lower high today does give sellers some confidence. However, we still need that move below the 100 hour moving average to increase the sellers level of comfort. On a break, a move below 1.3345 and 1.33238 would be the next targets followed by the 38.2% retracement of the move up from the September 16 low at 1.33064.