Oil prices keeping the pair supported...
The price of crude oil is lower by -$0.88 or -1.82% To $47.52. The low extended to $47.28. The price is below the 200 day MA at the $48.66. There have only been a handful of days since the end of April 2016 where the price closed below that MA level. Bearish. The next targets on the daily come in at trend line support at $46.38. The 38.2% of the move up from the Feb 2016 low comes in at $44.09. That too is a target on more weakness.
The lower oil prices have contributed to a rise in the USDCAD (or at least it is not hurting). The last few hours have seen the pair move above the 100 hour MA (blue line), and also have a successful test of that MA line (at 1.3475). Like the other price action in some of the other pairs, the price action is not exactly in a hurry on the break. The high for the day has reached 1.3494. Nevertheless, in these low volatility markets, you take what the market gives you.
Getting above the 1.3500 level would be a target to shoot for if the 100 hour MA can continue to hold support (that is risk for buyers now). On a move above that level, traders will next step toward the high from employment Friday at 1.3513 and the high from last week at 1.3533. Remember, the Canada employment report was better than expected (so was the US number as well of course).
Oil prices are supportive of the USDCAD (weaker CAD). The technicals are also supportive above the 100 hour MA. There is not a lot of trading activity of course, but the buyers are more in control.