The USDCAD has trended lower and in the process is running away from the 200 hour moving average and 50% retracement of the September trading range (at 1.27166 and 1.26938 respectively).
The pair is down testing last Friday's low and swing area between 1.2633 and 1.2638. A move below that level would look toward last Thursday's low at 1.26148. Below that and traders will start to look toward the swing area (green numbered circles) between 1.2568 and 1.2588.
The buyers rates the price higher last Friday and into Monday is trading. The fall yesterday did stall at the 50% midpoint and swing area between 1.26938 and 1.27078 and bounced. However today's trend like move to the downside was able to get back below the 200 hour moving average of 50% level. That pushes the price back in the lower up and down trading area.
Close risk is now the 50% midpoint for sellers looking for a retest of the 1.2569 to and .2588 area.
Dip buyers against Fridays low, would probably not want to see the price dipped below that level especially since the price has been trending lower today .