Buyers have the edge nevertheless
The USDCAD has rebounded toward unchanged on the day after trying to move lower.
The moved to the downside today after the down and up trading session yesterday, found support buyers against its 200 hour moving average at 1.31568 currently (green line in the chart above). The pair more recently has extended above its 100 hour moving average at 1.3173. Admittedly the price action this week has seen a number of moves above and below the 100 hour moving average. Yesterday the price tried to extend below its 200 hour moving average only to fail on the two attempts.
Nevertheless, the buyers have more of an edge currently with the 200 hour moving average holding and the price back above its 100 hour moving average. If those moving average can continue to hold support, the high for the week at 1.3201 (call 1.3200), and the high from last Friday at 1.32068 would be targets to get to and through if the buyers are to take more control.
Like the EURUSD, the range in the 1st 3 trading days for this pair is narrow at only 66 pips. The average trading range over the last 22 trading days for a single day is 82 pips for the pair. As a result traders will be looking for a break one way or the other.