USDCAD traded to new low for the month and year (going back to May 2018).
The USDCAD moved to the lowest levels since May 2018 this week. The lows broke below the October 2018 low at 1.27818. However, the low could only get to 1.27704. There is some hesitancy at the lows. Putting it another way, the break has not exactly raced lower.
Having said that, the pairs rally higher have only moved to a high of 1.28322 (see hourly chart below). So although there is some hesitancy in going lower, the rallies off the failed breaks have not been great either.
Currently, looking at the hourly chart below, the price has just moved above the high for the day at 1.28082. The high yesterday reached 1.28322. There is a target at the underside of the a broken trend line at 1.2839, and the falling 100 hour moving average 1.28449.
If the price can move above those levels (and stay above), the dip buyers start to get some/more satisfaction. Until then however, the dip buyers are just trying – but not fully confident.