It is Victoria Day holiday. Trading may suffer from low liquidity
The USDCAD is reaching new session highs in trading.
Looking at the hourly chart, the pair opened against the 100 hour moving average and the natural 1.2000 level and immediately found support buyers. In the European session, the price moved above the 200 hour moving average and the 50% retracement of the move down from the may 7th high. After finding support against that technical level, the pair started to wander higher.
Today Canada is on holiday (Victoria Day), so liquidity conditions may exasperate the moves. The next target on the hourly chart will come near the 1.2094 area where a downward sloping trend line cuts across. I would expect sellers/profit takers on a test of this well tested trend line on the first look.