Was at the "downs" yesterday
The USDCAD continues the ups and downs in trading.
Looking at the hourly chart above, the pair was at the lower extreme area (the "downs" area) in the 1.2741-49 area (see lower yellow area). That area held. The price moved higher.
Today, that momentum was continued (with help from support buyers against the 100 and 200 hour MAs - blue and green lines on the chart above). The rally higher is stalling (so far at least) at the upper extreme (the "ups" area). Do the sellers keep the lid on the pair against that area.
Looking at the daily chart below, on a break the next target comes in at 1.2978 trend line. Above that is the May high at 1.29965 (call it 1.3000). The 2018 highest high was in March at 1.3131.
For now, the market will be focused on the 1.2914-26 area. Look for sellers near the extreme (might as well follow the ups and downs) with stops on a break above.
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