Cracks above the 100 and 200 hour MAs
The USDCAD pushed
above its 100 and 200 hour MAs (blue and green lines in the chart below) and
the 50% of the move down from last week’s high. Those levels came at the
1.31873-113.947. The price moved to new
week highs. The MAs are now risk for longs.
Earlier today, some
longs may have been established down against the 100 bar MA on the 4-hour
chart. The low for the day reached 1.31547. The MA came in at 1.3151. Yesterday, the price also tested that MA
level and bounced.
Looking at the daily
chart below, the higher lows over the last three days have stalled at a lower
trend line. The next target above would be the September high at 1.3226. Above
that and the July high at 1.32882 will be eyed.