Below trend line at 1.3460
The USDCAD moved higher on the weaker GDP. The price moved up to an old trend line. “Old” becasue it was broken earlier in the day on the way to the day’s high and move above the 100 hour MA in the process at 1.34708. That break failed, and that “old trend line” stalled the rally. The trend line and the 100 hour MA are topside resistance targets.
On the downside today, the 200 hour MA and the 50% retracement at 1.3427-28 did a good job of holding support (green line in the chart above). Those two levels are support targets.
The combination are the bookends for the market now. Traders will look to patiently lean against those levels with stops on breaks (and reversals).