Buyers trying to make a break
The USDCAD is trading higher today but not by much. However, the price is moving above the 200 day MA again. It was above 200 day MA yesterday but fell back below. The 200 day MA comes in at 1.31194. This is the another look. The next hop is the 100 hour MA at 1.31296. The price has not been above the 100 hour MA since January 25th. A move above could start to get the sellers thinking more to the upside.
The trend has been down and the price has not been able to get above the 100 hour MA. The price has been dancing with the 200 day MA too with action above and below.
So the price can easily turn back down from here and continue the trend lower. However, if the price breaks above the 100 hour MA, be on the lookout for some more upside momentum as sellers turn to profit taking/new buyers. The 1.3150, 1.3164 and 1.3175 are the nxt upside targets. More momentum looks toward the 100 day MA and 200 hour MA up at 1.3200 area.
