The USDCAD price action today has seen the price move sharply to the downside, but funding support against the upper area of a swing area (from 1.3287 to 1.3295 ), and the rising 200 hour moving average (at 1.3287) and the 200 day moving average (at 1.32852). Yhe low today stalled at 1.32945.
The rebound has since moved back above its 100 hour moving average in the North American session at the 1.33167 and even took out the Asian session high at 1.33254, but only by a pip (the high reached 1.33262). The price has been settling above the 100 hour moving average of the last few hours. It will need to stay above to keep the bulls more in control.
If there is an extension higher, the topside trend line comes in at 1.33316. The high from yesterday reached 1.3336. The high from last week reached 1.3347.
Taking a broader look at the daily chart, since the break above the 200 day moving average (and the 50% as well at 1.32896) at 1.32852, the price has not closed below that MA line. The high stalled near the August highs at 1.33455 (the high reached 1.3347).
So bulls are trying to take control and keep control after the run lower today today stalled at intraday support. If the price can hold the 100 hour MA intraday, the upside can be tested again. We will see if the buyers can crack that ceiling and explore higher, or fail and come back down. The good news is the roadmap and levels are viewable.
Oil inventory data due out soon. Crude oil futures are trading up $0.51 at $53.13