The USDCAD is trading up and down today. However, the swings has seen the 200 hour MA hold resistance (still – the last three tests have found sellers against that moving average).
The low for the day is higher than the low from yesterday (which was higher than the low from Wednesday).
So there is a little something for both buyers and sellers as they decide on the next shove for the pair.
If the price moves further to the downside, a move below the low would have traders targeting the low from yesterday at 1.2364. That low was also near the swing low from last Friday (March 25). The low from the week came in at 1.24286.
That move to lows on Wednesday took the price below the January 2022 low at 1.24476 (see daily chart below). A move back below the 1.24476 level would be an interim level before the “new” low for the year reached on Wednesday. Be aware that because of the failure, traders may look to reestablish the old low at 1.24476 again.
A move above the 200 hour moving average would open the door for further upside corrective probing.