The USDCAD trended higher in Asian and early European trading. Along the way, the price moved back above its 100 hour moving average (blue line currently at 1.3966) and a swing area between 1.39947 and 1.40047 (see green numbered circles and yellow area in the chart below). The price rise however has found some selling against its 200 hour moving average (green line at 1.40483 currently and moving lower).
The last 10 or so hours has seen the price consolidated between the swing area below (including the 30.2% retracement at 1.4007) and the 200 hour moving average above. We currently trade at 1.4032. Traders are looking for the next shove. Intraday buyers are making the biggest push, but getting above the 200 hour moving average at 1.40483 and then the 50% retracement of the move down from the April 21 high at 1.40566, will be eyed as the next upside targets to get to and through. Success will open the door for further upside momentum in the pair.