The USDCAD is trading back toward its low for the day reached in the early Asian session at 1.2696. The price is currently trading at 1.2703.
The price action today has seen the pair move up to test the 100 hour moving average in the Asian session, and then move above that moving average level in the London/early New York session.
However, the last hour has seen a rotation back to the downside and also through the 100 hour moving average at 1.2717 currently (blue line in the chart above). Stay below the moving average would keep the bears more control.
Admittedly, the price has moved above and below that moving average line over the last three trading days. However, the pair did find sellers against a downward sloping trendline as well - keeping the sellers more in control It would take a move above the 100 hour moving average and topside trendline to give the buyers more confidence. Absent that and they sellers are more in control.
