USDCAD trades to new session highs and extends the narrow trading range

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Trading range is only 41 pips today

The USDCAD fell to the lowest level since September 21 in the Asian session, and in the process took out a swing hi from September 17 at 1.32462. The low reached 1.32413. However the break could not be sustained and the price rebounded higher.

The subsequent next low in the early North American session, stalled against the aforementioned swing hi from September 17 at 1.32462 and the price moved higher once again.

In the current hour bar, the price has extended to new session highs. In the process the range has extended to 41 pips. That is still quite low compared to the 79 pip average range over the last 22 trading days (about a month of trading). The high price stalled near a swing area between 1.32786 and 1.32827. A break above would target the falling 100 hour moving average at 1.32897.

With only a 41 pip trading range, there is room to roam in this pair. Get above the 1.32827 and 100 hour moving average would be needed to open up the door for further gains.
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This article was originally published by Forexlive.com. Read the original article here.