The USDCAD has been chopping higher and lower for several weeks now. The price action is between a channel that is tilting to the upside but with all the up and down volatility, neither the buyers and sellers are “winning” for long.
Today, the price based at the 38.2% of the range since the November 2023 high at 1.34525, and has extended back above the 200-day MA at 1.34839, the 100-day MA and 200-bar MA and the 4-hour chart at 1.3514, but still has the 100 bar MA on the 4-hour to get to and through, and a swing area between 1.3526 to 1.3542. Breaching those levels is needed to convincingly give the buyers control Absent that, and given the up and down history, the sellers are “still in play” and could reestablish control (would need to get back below the 100 and 200-day MAs though).
USDCAD are trying to take more control above cluster of MAs