USDCAD trades at day highs. Approaches some tough resistance though.

50% and 100 day MA getting closer

The USDCAD is reaching to new session highs. The stronger USD and sharply lower oil price may be weighing on the loonie.

Technically, the pair is approaching some key levels, that should slow the rise.

• The 50% retracement of the move down from the December high comes in at 1.25828.
• The high from January stalled at 1.2589.
• The 100 day MA is at 1.26058.

In January, the high stalled just ahead of the 100 hour MA and backed off. I would expect a retest of these key levels to give traders a cause for pause once again.