The run above swing high area, failing today
The USDCAD is trading to new session lows in the process has moved back into the consolidation area that contained the pair for most of the time from May 17. The upper extreme of that consolidation area came at 1.21413 to 1.41437.
The pair moved above that area on the strong dollar buying on Friday but could not extend to the next target at 1.21781. The high price stalled just below that level at 1.2176.
Today, after up and down trading activity in the Asian/London morning session, the pair has push lower in the early North American session. In doing so, the price has moved back below the 1.21413 to 1.21437 old high (see green numbered circles). And is looking back down toward other swing areas at 1.21324 to 1.21355, and then 1.21227 to 1.2124. The rising 100 hour moving average is currently at 1.21132.
On the topside, traders will now eye the 1.21437 as resistance. Stay below, and the break higher on Friday is a failure. Moved back above and the buyers take back more control.
