The USDCAD tried to extend above its 100-hour moving average yesterday and into the Asian session today (see blue line on the chart below), but rotated back below the key moving average level in the European session today.
The US CPI pushed the price lower and below the lows from Friday and again yesterday near 1.33132. The price also dipped briefly below the early May low near the same level. The low price reached 1.3310, but that’s it.
The price has now rotated back toward the low from last Thursday at 1.33348 (and low going back to May 10). Getting above that level and then the 100-hour moving average of 1.33541 will be needed to tilt the bias more to the upside. Absent that, and sellers are still more in control.
The chart below shows the levels in play on the top and bottom side. Traders await the next shove with sellers still holding to more control.
USDCAD trades between support/resistance levels.