USDCAD backs off from key swing area today.

The USDCAD on Friday, moved higher after stronger US jobs report and weaker Canada jobs. The move higher took the pair above a key swing area between 1.36049 and 1.36269. The high price reached 1.36468, and rotated back to the downside, back into and through the swing area. The buyers had their shot. They failed.

Today, the price moved higher in the early Asian session and back into the swing area, but stalled near the middle of that range and rotated back to the downside. Sellers have pushed the pair back toward the rising 100-bar moving average on the 4-hour chart at 1.35587. The 200-bar moving average on the 4-hour chart is below that at 1.3539. Going forward it would take a move below both to increase the bearish bias.

So:

• Resistance between the swing area at 1.36049 and 1.36269
• Support at the 4-hour MAs between 1.3558 and 1.3539.

This article was written by Greg Michalowski at www.forexlive.com.