USDCAD moves toward recent swing highs. Oil's tumble/USD buying helps

The USD has seen some buying over the last hour or so of trading. The greenback has moved to new highs vs the GBP, JPY, CHF, NZD and the CAD CAD The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i Read this Term.

The run higher in the USDCAD USD/CAD The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh Read this Term has been helped by tumbling oil prices where the price is currently down -4.81% at $90.82.

Looking at the hourly chart, the price of USDCAD has reached up to 1.27736. That was just short of the recent low of the upper swing high levels between 1.27745 and 1.27958. A move above that level would next target the swing high from yesterday at 1.2783 followed by the swing high from Feb 4 at 1.2787. The most recent swing high from January 28 reached 1.27958. Finally, the high for the year goes back 1.28128.

Those levels would be the target progression to the upside that would give the buyers more confidence if they can be broken. They could also attract sellers who are looking define risk and limit risk against the upper extremes. The price action since January 27th has stayed mostly between 1.2649 to 1.2796 (147 pips over 14 trading days).

The price of the pair has backed off the low swing level and currently trades at 1.2756. There is some swing area support between 1.2747 and 1.2752. If the price can move below that level, there could be further downside probing. Conversely, holding level and there could be a push back toward the upper swing high levels.