The USDCAD price has seen upside momentum in the North American session after the US/Canada job combination this morning. Canada unemployment rate reached its lowest level on record although job growth was a bit modest. US job statistics were marginally weaker as well but still advancing.
Technically, the low price today stalled near the 100/200 hour moving averages (blue and green lines in the chart above). The march to new highs for the day took the price up to test the Tuesday high at 1.28929. The high price has reached 1.28947 just above that high. Early sellers against the high price for the week up at 1.29131 are trying to keep a lid on the pair at a lower ceiling level.
Taking a broader look at the daily chart, the 1.29001 level is also a key target on the upside that is helping to stall the rise. That level was the high price from March.
On Monday, the price moved above that 1.2900 level on its way to the high for the week at 1.2913, but could not sustain the momentum. The high price from Tuesday and again today are re-respecting the 1.2900 level.
Going forward, move back above and a run to and through the high for the week at 1.2913 would have traders looking toward the swing area between 1.29483 to 1.29631. That high is made up of swing highs from December 2020, August 2021, and December 2021.
That even higher ceiling ultimately would need to be broken to increase the bullish bias technically in this USDCAD pair. However, I would expect sellers to lean against that ceiling on a test with stops on a break.
Overall, the USDCAD has been in an up and down range. The price is nearer the highs of that range. That can make the upside momentum tough. However on breaks, there could also be increase momentum. Risk focused traders will nevertheless use the key swing areas as levels to lean against.