The USDCAD tests - moves above - the 100 hour MA

Technical Analysis

Author: Greg Michalowski | usdcad

The pair is also testing the 38.2% of the move down from last week's high

The USDCAD is testing the 100 hour MA at the 1.33516 and the 38.2% of the move down from last weeks high. That comes in a few pips higher at 1.33552.    PS the price also moved above a trend line at 1.3346. That is close risk now. 

The pair is also testing the 38.2% of the move down from last week's high
Helping the run higher today (and yesterday too) were the successful tests of the 100 day MA (at the lows). The 100 day MA comes in at 1.32836. That gave the bulls/buyers the go ahead to take the price higher.

The existing home sales just came out much weaker than expectations. That is helping to push the price above the resistance area.  Close risk now for longs is the broken trend line.   The 200 hour MA at 1.33806 is a target if the bulls can keep that control (above the broken trend line).

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