MAs and 50% test the buyers will to push higher.

The USDCAD is continuing the move to the upside started yesterday.

MAs and 50% test the buyers will to push higher.

Yesterday, the USDCAD pair was initially able to move to a new low going back to September 7 on the move below the October low at 1.30989. The low price reached 1.30804 before rotating back above the old October low and pushing higher (see red shaded area). Failed break. Sellers turned to buyers.

The run higher yesterday stalled just ahead of the 200 hour moving average at 1.31548 currently (green line). Today, that moving average has been broken and the price has moved up to test its 100 hour moving average currently at 1.31656 (blue line). Also near that level is the 50% retracement at 1.31694 and a downward sloping trendline at 1.3167.

The combination and cluster of technical levels make the area important for both buyers and sellers.