The last two tests on the way higher found buyers near the level
The USDCAD has corrected back toward the 100 hour MA. Russia’s Novak said earlier today that the demand fall off is near the low. Treasury Sec. Mnuchin just said that he sees oil at around $30 by August. The price of crude oil is up $2.50 now, and the rise may be helping the CAD (Lower USDCAD).
Technically, the price of USDCAD is moving closer to its rising 100 hour moving average at 1.41139. The 38.2% retracement of the move up from the April 13 low comes in just below that at 1.41077 as does a rising trend line.
A break of each of those levels and staying below would be needed to give sellers more confidence. The last 2 tests of the 100 hour moving average on April 17 and again on April 20 did extend below the moving average line, but only briefly before rebounding back to the upside. So the level will be key today and going forward for both buyers and the sellers..