The USDCAD initially moved lower after the CPI data.
The price broke below its 100 hour moving average at 1.26906 and moved to a low for the day at 1.26784. However, the price quickly rotated back to the upside. The the subsequent low has come in at 1.26894, right around the 100 hour moving average at 1.26906 (reestablished the MA as support). Support buyers seem to be leaning against that moving average level again. It will now take a move back below to increase the bearish bias.
The price rebound has now taken the price up to a high of 1.27387. That was just short of the 200 hour moving average currently at 1.27439. In contrast to the 100 hour MA as support, the 200 hour moving average is now resistance.
With the price trading between the moving averages, the bias is neutral technically. The price is also trading near the 50% midpoint of the range from the high seen last Friday (at 1.28533). The midpoint level of the range since that high comes in at 1.2725. The current price is trading at 1.2720.
