The USDCAD moved up today and in the process moved briefly above the next key upside target at the 50% retracement of the move down from teh 2020 high. That level came in at 1.33364. The high reached 1.3343 before rotating back to the downside. The 50% remains a key upside target to get to and through on the topside this week. A move above with momentum could have traders looking toward the 1.3400 level followed by the swing high going back to Sep 2020 at the 1.3418.
On the downside, the broken trend line comes in at 1.3275. The current price is just above that level at 1.3279. The corrective low of the high reached 1.3271 just below that level.
So overall, the high for the day moved briefly above the topside target at 1.33364 and found sellers, while on the low in the North American session, the price moved briefly below the downside support target at the broken trend line at 1.3375 and is bouncing modestly.
Watch those levels for short term trading clues to see if it is a breakout and not a fakeout (at least in the short term).