50% retracement is also in play on the downside
The USDCAD has moved up and down in trading today and in the process, is ping-ponged between technical resistance above - defined by the 100 hour MA - and technical support below - defined by the 200 hour moving average and the 50% retracement.
The 100 hour moving average comes in at 1.30534. The high price extended just above that level to 1.30556 before moving back to the downside.
The 200 hour moving average comes in currently at 1.30348 and the 50% comes in at 1.30302. The low for the day trade between those levels at 1.30318.
Buyers and sellers are battling it out. It will take a break (and momentum) of either extreme to tilt the bias more in the break direction.
On the topside the 1.30747 to 1.30788 area is home to swing highs going back to last Friday.
On the downside the 61.8% retracement at 1.30128 would be the next target.