The USD is marginally lower against the CAD today, while the greenback is generally higher against most other major currencies.

Earlier in the session, the USDCAD bottomed during the late European morning, reaching a low of 1.35242. That move tested a modest support zone between 1.35219 and 1.35316, where buyers stepped in and pushed the price higher.

The subsequent rebound took the pair up toward the 200-bar moving average on the 5-minute chart (green line on the chart below). Importantly, the price has now tested that falling 200-bar MA twice, and on both occasions sellers have leaned against the level, limiting the upside.

For buyers to gain more control, the pair would need to break above — and stay above — the 200-bar MA, which currently comes in near 1.3570.

On the downside, the 100-bar moving average on the same chart sits at 1.35535 (blue line on the chart below). A move back below that level would tilt the bias more toward the sellers and increase the risk of another run toward the earlier support area.