The USDCAD has been trending lower as oil increased and better unemployment statistics also helped the economy (and the CAD$ - lower USDCAD). The price however, has been consolidating over the last 3 days since bottoming on Thursday. The correction has taken the pair up to test the 200 bar MA. The current price is testing this level for the second time today.
A move above the 200 hour MA at the 1.0398 level should target higher levels with 1.0506 being the next target for the pair (38.2% retracement level of the move down - see chart). If the price can not break, a move back toward the 100 hour MA is likely. That level currently comes in at the 1.0313 level.
