USDCAD moves above the 100 hour MA. Staying above.
100 hour MA broken for the 1st time since August 31
The USDCAD has moved above the 100 hour MA (currently at 1.2146) for the first time since August 31. Admittedly, the price is not running away and the move has been helped by a sideways up and down action that has helped bring the 100 hour MA to the price. However, the price has seen a little more buying since moving above the MA line. That is the risk for longs now.
The next targets include the 38.2% retracement of the move down from the pre-hike high at 1.2196, followed by the a broken topside trend line at 1.2226. Above that is the 50% at 1.22377. The 200 hour MA is moving lower and trades at 1.2282. If the low is in place for the USDCAD, getting above the MA will be eyed (expect the break to be tough on the first look though).
Taking a broader look at the USDCAD by looking at the weekly chart, the price has inched back above the 50% of the move up from the 2012 low. That level comes in at 1.21608. We are just above that level, but we are above the level now. Stay above is more bullish.