The USDCAD started the day near a swing area support between 1.2712 and 1.2725.
After consolidating through most of the Asian session above that area, there was a run to the upside that saw the pair extend to another swing area between 1.2774 and 1.2787. The high price stalled at 1.27832 before rotating back down toward the lows.
The pair is currently trading at 1.2737. The low on the move back down reached 1.27294. That is just above the high of the aforementioned swing support area today (from 1.2712 to 1.2725). Below that area, sits the 100 hour moving average 1.2706 and the 200 hour moving average 1.2702. All are downside targets that would need to be broken to increase the bearish bias.
Taking a broader look back to January 26 (see red box on the chart above,, the pair has stayed mostly traded between 1.26496 and 1.2796. On Thursday of last week, the price did extend below the low of that extreme on a failed break. The low price reached 1.2635 but two hours later was back above that area. The sellers had their shot, and they missed.
Friday was a volatile down and up trading day. Today is volatile up and down trading day. However, over the last few days, the price has covered most of the trading range since January 26. The price is back near the middle of the range but still above the 100/200 hour moving averages.
At some point going forward, there will be a break and run outside of this up and down trading range. However for the time being, the price remains within the red box, and awaits the next shove.