The USDCAD initially fell after the US and Canadian jobs reports came out stronger than expected. However, after the focus returned to the impact on the US dollar, that helped turn the USDCAD pair back to the upside.
The price is now extending to a new high and in doing so it is extending above the swing level at 1.4435. Above that, there is a swing range between 1.4448 and 1.4466.
The price is also stretching towards the high of what has been an up and down trading range in the last three or so trading weeks.
Early in the week the price dropped below the lower swing area at 1.4334 on Monday and Tuesday, but could not sustain the move. On Wednesday, the price fixed near that level starting to rotate back to the top.
On the downside, the cluster of moving averages is defined by the 100 hour moving average at 1.43889, the 100 bar moving average on the four hour chart at 1.4372, and the 200 hour moving average 1.43797 remains a level explanatory bias. Ultimately, if the sellers are going to take more control they need to get and stay below that group of moving averages.
