The USDCAD stalled at an upward sloping trend line at the Asian session low and then moved above a downward sloping trend line. The combination has helped to tilt the bias back to the upside. The sellers turn to buyers.
The move higher eventually extended back above its 100 hour moving average at 1.35643. The price has consolidated around that moving average over the last 8 or so hours trading. Stay above keeps the buyers more in control with the 200 hour moving average 1.3604 as the next topside target. The buyers are making a play back into the space between the hourly moving averages.
Fundamentally, the Ivey purchasing managers index for June came in much higher than the May release at 58.2 vs. 39.1 last month. The sharp increase has not helped the loonie as it continues to consolidate above its 100 hour moving average.