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The USDCAD today moved above its 200 hour MA (green line at 1.25904) in the Asian session, and in the process continued the trend move higher that was started yesterday.
The break higher above the 200 hour moving average (green line) saw some consolidation, but the price based against that MA before taking the next run higher to the 200 day MA at 1.26246.
After some up-and-down above and below THAT moving average, the price re-based once again and pushed toward the next target – the 100 day moving average at 1.26733. The high price from April 13 is also near that level at 1.26755.
Once again the USDCAD price action saw the pair trade above and below that moving average, but has subsequently moved higher and further away in the early North American session. The high price just traded up to a new high at 1.26943.
The 100 day moving average is now close support. Stay above is more bullish.
Drilling all the way down to five minute chart below, yesterday the the USDCAD bottomed near it’s near converged 100 and 200 bar moving averages (blue and green lines) before breaking above, holding the level and starting the trend move to the upside (see lower end of the chart below).
In trading today, the low prices in the Asian session came down to re test the rising 100 bar moving average (solid blue line) before accelerating to the upside and running away from that moving average level.
The current 100 bar moving average comes in at 1.2658. The 38.2% retracement of the accelerated trend move to the upside today comes in at 1.26548.
A move below the 100 day moving average followed by a move below the two technical levels on the 5 minute chart (i.e. the 100 bar moving average and 38.2% retracement) are the minimum selling targets if the sellers are to start to take back even the smallest amount of control from the buyers.
Absent those moves, and the buyers remain in firm control.
