Moves away from 100 and 200 hour MAs
The USDCAD has pushed higher on the unexpected surprises in the weekly EIA inventories data., The push has the pair trading above a trend line. The high yesterday came in at 1.31255. The high from Monday extended to 1.3151 - just below the high from August 12 at 1.3156. Those are the next targets.
With the 100 and 200 hour MA converged and the price testing that level today (Threes a Crowd), I expect traders to take the bullish clue and move further away from those MAs. Look for buyers on dips with stops on a disappointment below the two moving averages now....
