The USDCAD has been trending lower after peaking near 1.4300 in October. However, the selling is losing some steam as the price tested the 61.8% retracement of the move up from the August low on Friday and again today. That level comes in at 1.39497, within a swing area between 1.3948 and 1.3963.Buyers are leaning against that support and have pushed the price back toward 1.3975 on the chart. That gives them an opportunity to build a corrective move higher. It also gives them a close risk level. Stay above the support area, and the buyers can stay in the game. Move below, and the selling can resume.Buyers have work to do on the topsideHolding support is a start, but buyers still need to get through a cluster of technical resistance to take back more control.The first hurdle is the falling 100-hour moving average at 1.39976. Above that sits the 200-hour moving average near 1.4009, followed by the 50% midpoint of the August-to-October move near 1.4016.Those levels are the next upside barometers. A move above the 100-hour moving average would give buyers some encouragement, but getting and staying above the full cluster would strengthen the corrective bias.From there, the 100-day moving average at 1.40453 becomes the next target, followed by the swing area between 1.4068 and 1.4080 and the 38.2% retracement at 1.40828.A break below support puts sellers back in controlConversely, if the bounce stalls below the hourly moving averages and the price breaks below 1.3948–1.39497, the sellers would have the opportunity to extend the decline. The 200-day moving average at 1.38877 would become the next key downside target.For now, buyers have stalled the fall at a logical support level. They need to build on that defense by taking out resistance above. Until then, the bounce remains a correction within the broader move lower. This article was written by Greg Michalowski at investinglive.com.