... and has an hourly close above the MA line.
The USDCAD is moving above its 100 hour MA at 1.2504. The last hourly bar closed above the MA line. That is the first close above since July 12th.
It is about staying above the line now, and reaching the next targets. The 1.25122 area is a minor target. The high from yesterday at 1.2543 (the price moved above the MA line but could not sustain or close above the line), and the high from Monday at 1.2551 are also targets now. The 200 hour MA at 1.25636 is also a level to eye (green line). The price of the USDCAD has not traded above the 200 hour MA since June 27th (one month ago).
In addition to the break above the 100 hour MA, what makes the picture more supportive of a correction?
- The low yesterday moved to a lower trend line and held
- The move lower took out the 2016 low at 1.2460. That break failed.
- The price moved below a higher trend line on a hourly chart, but moved above that broken trend line.
