....finding support too
The USDCAD has moved back below the 100 hour MA today and has done a good job of using that MA as a lid to the topside.
That is the good news for the sellers who may be using that MA as a risk defining level.
The not so good news for the sellers (and maybe good news for the dip buyers) is that a trend line cutting across at 1.3436 and the 200 hour MA at 1.34234 currently, are key support levels that are holding and need to be broken, if the pair is to continue the downside momentum.
So like some of the other currencies, there is a battle in a narrow range. Follow the technicals and look for a break and run.
PS. Oil is lower today at $48.29 down -$0.20. The low today did break below $48.00 to $47.90 but has bounced back higher. Lower oil should be more supportive to the USDCAD, but we are not seeing much reaction so far today.