First move above the 100 hour moving average since May 5
The USDCAD has cracked above its 100 hour moving average 1.21193. That is the first look above that moving average since May 5. The price has moved down from the 100 hour moving average at 1.22912 on that day, to the low price today at 1.20447. The move back above the 100 hour moving average if it can stick, tilts bias modestly to the upside in the short term.
The next target comes in between 1.21297 and 1.21323. Those levels represent highs from Monday’s trade and earlier today 1.21323. The 38.2% retracement of the last move down from the May 4 high comes in at 1.21617. That still represents a minimum price target if the buyers are to start to take more control from the sellers
This article was originally published by Forexlive.com. Read the original article here.