Higher on the day after 100 day MA holds support.
The USDCAD has been very choppy over the last 4 hours of trading. However, there is a key target support level that was tested and held. The 100 day MA comes in today at 1.31936 and the low today stalled at 1.31936. A perfect match.
That success test and hold has helped push the price back higher. The price trades above and below the close from yesterday at 1.3233. The swing low from from December 5th comes in at 1.3235. Key area for traders.
The high price today reached 1.32499. The low from Dec 2nd and on December 6th were at 1.3252 and 1.3251 respectively. That is a close target to get to, and through if the 100 day MA bounce is to develop more corrective momentum. A better level to get above would be the 100 hour MA at the 1.32717 (currently and moving lower). Yesterday, that MA held resistance and opened the door for another trend leg lower.
The trend has been higher in this pair. Has it been oil? Some of it is that. Poloz in recent comments has been hedging in his comments. Technically, the resistance areas has been holding on corrections and making new lows.
