USD/CAD closed the week at 1.3558. The current price is slightly higher at 1.3580. The high for the week was 1.3622 on Wednesday. This move took the price above a swing high at 1.36188, but it quickly pulled back down. The high was capped before 38.2% of the move down from the August 2024 high at 1.3633. Failure to break this low is a problem for the pair.
The downward move has seen the price move above and below the 100 hour moving average today. This moving average is moving sideways at 1.35804. The price is currently trading around this level.
Going forward, bullish traders would like to see the price return above the swing high at 1.36188 and eventually above the 38.2% retracement level at 1.32633. What could hurt the bullish bias is that selling would take the price back below the 200-hour moving average at 1.3555.