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Admittedly, the USDCAD is probably the most up-and-down volatile currency pair of late.
That has the USDCAD moving lower.
The area between 1.3262 and 1.3272 is the low of what has been a up and down swing area for the USDCAD (the "red box" in the chart above).
The USDCAD is moving higher as sellers over the last few days cover some short against a support target defined by the 50% midpoint of the move up from the October low to the October high.
Source: https://www.forexlive.com/technical-analysis/usdcad-rebounds-off-50-retracement-support-20231103/