Not quite back where it started but close to it
The USDCAD did not escape the volatile action. The pair saw heavy buying as the dollar rallied and traders exited "risk". The pair started to come back down when the reverse kicked in.
The price action has seen the pair nearly complete a lap but technical support against the 100 and 200 bar MA on the 4-hour chart. They both come in at 1.2923 and the low so far today has extended to 1.2925. The 1.2923 level is also the home of the 38.2% retracement of the move up from the June 10 low.
Traders will line up where risk can be defined and limited and that level has three levels to that traders can lean against.
WTI is settling down 3.75% today at $46.21/BBL (down $1.80). The low extended to $46.16. Needless to say the fall in oil did not send the CAD lower- at least in the last few hours. Perhaps that will be reason for support against the technical levels too.