The USDCAD has moved higher in trading today increasing the buying creep in the pair

The USDCAD has creeped higher in trading today. The range is only 34 pips currently with the average range of 62 pips over the last month of trading.

Nevertheless, the price of the USDCAD has taken the price above a swing area between 1.3734 and 1.37428. The price is also moving away from its 50% midpoint of the trading range since the April high. That level comes at 1.37173.

Moving above those levels gives the buyers more of an advantage from a technical perspective. It would take a move below those levels to reverse that advantage.

Recall from last week, the swing low for the week did find support buyers against both the 200 bar moving average on the 4-hour chart and the 100 bar moving average on the 4-hour chart. The inability to move below those moving averages gave the buyers a go-ahead to push back to the upside.

Today, can those buyers push higher.

This article was written by Greg Michalowski at Source