USDCAD stays between extremes on the top and bottom | Forexlive

The USDCAD has an oversized range of 157 pips today from the low to the high. That is well above the 22 day average of 107 pips.

The low today reached during during the London morning session reached 1.3522. The high price reached in the early US session extended to 1.36795. That was just short of a lower swing extreme that starts at 1.36825.

On either end there are other targets above and below that would need to be broken to get the pair out of the up and down range that has confined the pairs since December 5, but given the low to high range, the “market” is leaning near the extremes (for now at least).

The price is currently trading at 1.3670, near the highs for the day. If the buyers are to make a play for the highs, getting above 1.3682 to 1.36907, and then 1.3699 to 1.37042 would complete breakout. There have been a number of swing highs in that area going back to December 7 (see red numbered circles on the chart above).

Holding below those levels, keeps the up and down idea in paly for the pair with the lows from last week (at 1.3483) the final downside hurdle that would need to be broken and stay broken to give the sellers more confidence. Before that the 100 and 200 hour MAs would need to be broken (blue and green lines currently at 1.3568 to 1.3575).