USDCAD trades to a new high, but only by a few pips. What next technically?

The USDCAD price has seen a sharp move to the upside, helped by a sharp fall in crude oil prices of late (down -$12-$13 over the last 5-6 trading days). The pair moved above a swing area on the daily chart this week above 1.3704. Today’s low stalled ahead of that low before rotating back to the upside.

The high price today did extend to a new high today but only by a few pips before backing off. On the hourly chart below, watch the 1.3736 level as close support. That level was the swing high from Tuesday’s trading. Move below and that could tip the bias intraday back to the downside. A move below with momentum would have traders looking toward 1.3704.

This article was written by Greg Michalowski at Source