The USDCAD is extended to a new session high, and in the process is back testing the swing area between 1.36049 and 1.36269 (the red number circles and yellow area on the chart above). The 61.8% retracement of the move down from the November 2023 hi is also within that area at 1.3623.
Overall, the USDCAD has been in a volatile up and down range with a modest upward bias (trendlines on the chart have the price within a upward sloping channel). Being about the cluster of moving averages is also a tilt to the upside for the pair. However, the price still needs to get above – and stay above – the high of the aforementioned swing area to increase the bullish bias.
This article was written by Greg Michalowski at www.forexlive.com. Source