USDCAD initially fell after US and Canadian employment reports came out stronger than expected. However, once the focus returned to the effect on the US dollar, it helped push the USDCAD pair back to the upside.

The price is now extending to a new high while extending above the momentum level at 1.4435. Above that is the swing area between 1.4448 and 1.4466.

The price is also extending towards the top of what has been an up-down trading range for the past three or more trading weeks.

At the beginning of this week, the price fell below the lower momentum area at 1.4334 on Monday and Tuesday, but could not sustain the momentum. On Wednesday, the price based near that level begins to rotate back to the upside.

On the downside, the moving average group is defined by the 100-hour moving average at 1.43889, the 100-bar moving average on the 4-hour chart at 1.4372, and the 200-hour moving average at 1.43797 remain as bias-defining levels. Finally, if sellers want to take more control, they need to gain and stay below that group of moving averages.