100 hour MA for USDCAD being approached at 1.41973
The USDCAD is moving higher helped by continued weakness in oil (-5.86% on the day) and perhaps a delayed reaction to the emergency rate cut and stimulus measures announced by the Bank of Canada at the end of last week.
Technically, the price today extended above a topside trend line around the 1.4064 area. The move higher has been able to extend above a swing area at the 1.4145 – 62 area (close risk now for longs), and looks toward its 100 hour moving average at 1.41973. The price run has so far has reached 1.4180.
On Wednesday of last week, the price moved below the 100 hour MA (blue line and stayed below). The pair moved to a low on Friday at 1.3920. That level sniffed a lower trend line (see blue numbered circles) but stalled ahead of the level.
