Trades at new session highs
The USDCAD has moved to new session highs (lower CAD) after the weaker than expected wholesale trade sales for the month of December. The November month was also revised lower.
The USDCAD moved above a topside trend line on the hourly chart at the 1.2600 level. The high reached 1.2608. The price is trading back toward the 1.2600 line.
The pair has been moving higher in trading today. In the Asian session, the price based near the 200 hour MA and started the move to the upside. It is following a lower trend line (cuts across at 1.2590 - see chart above).
On the topside, the 100 day MA comes in at 1.26207 today. That is a target on the topside for the bulls/buyers. The price has tried to get and stay above that MA over the last few weeks, but the most recent attempts last week, have had limited success (from Feb 12, 13 and 14).
Buyers are in control today. The data supports a continuation, with the 100 day MA a key test and the 1.2590 trend line (and moving higher), a risk.
