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USDCAD slips after sellers take back control near 1.4292

The pair reversed after testing roughly 7 pips above its prior yearly high near 1.4292, and by Monday was down about 0.5%.

Reported · Written up by our desk · Major Pairs

USDCAD extended to a new yearly high after a weaker-than-expected Canadian jobs report, but the breakout failed to hold, according to Forexlive. The move stretched only about 7 pips above the prior yearly high near 1.4292 before reversing lower.

By Friday’s close, price action rotated downward, and selling continued into Monday as the pair approached its rising 100- and 200-hour moving averages. Buyers leaned on those levels and pushed the price higher again, before the rebound stalled near Monday’s closing level and below 1.4292.

Forexlive said sellers then regained control, pushing USDCAD lower in a more trend-like move. The pair was down about 0.48% at the time of the update, with the decline reaching the 1.41922 to 1.4204 swing area defined by prior swing highs and lows.

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