Up 1.55% on the day
A snapshot of the strongest and weakest currencies today shows the CAD is the strongest and the JPY is the weakest. The pair has moved 1.55% higher in trading today helped by a tumble in the JPY and a modest gain in the CAD today.
Looking at the hourly chart, the pair has been confined in two sideways boxes over the last 10 or so trading days. The last range was for about 5 trading days. The low being at 82.64. The high at 83.11.
The low price yesterday stalled just ahead of the pairs 100 day MA at 82.64. Staying above that level (and the lows from Feb 13 and Feb 14) gave buyers some confidence.
Today, the move above the 83.11 ceiling (see blue numbered circles), gave the spark to the upside.
The pair moved above the 200 bar MA on the 4 hour chart at 83.208. Then the 61.8% retracement of the 2020 range at 83.42. The most recent break took the price above the swing low from January 22 at 83.91.
The next target comes in at 83.343 and then the 2020 high from January 17 at 84.563. That level is the highest level since March 1, 2019.
