USDCAD runs up to swing area/retracement target and backs off.

The USDCAD have been able to run higher yesterday helped by higher US rates. The run higher has taken the price above its 100 bar moving out on a 4-hour chart and 50% midpoint of the trading range since mid April near 1.3716, and up toward a swing area and 61.8% retracement of the same range since April near 1.3745.

Sellers leaned against the higher target. The price is rotated marginally lower.

What next?

In this video, I outline what needs to be done for the buyers to take more control. Conversely, for sellers, this is the area to lean against if expectations are for the up-and-down trading range to continue in the USDCAD pair.

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