USDCAD buyers make a play
The USDCAD is trading higher and in the process has moved above the 100 hour MA at 1.32967 and tested the earlier high for the day at 1.3307 area.
A move above that area would have traders looking toward the high price reached straight and the week at 1.3335. Above that is a 38.2% retracement of the move down from last week’s high at 1.33570 and the falling 200 hour moving average at 1.3397.
Buyers are making a play in the early North American trading. Can they keep the momentum going?
On the downside, the lows this week (and last week) have been skimming the 100 day MA (see lower overlayed blue line on the chart above). The sellers had their shot. The move above the 100 hour MA is a step, but that break needs to see more momentum to get the ball rolling on a bigger corrective move. The targets are outlined.