High from November is reached.
The USDCAD just reached the November 2019 high at 1.3327. The price just ticked to 1.33285 and backed off. That completes the down and up lap that saw the price tumble in December to a low of 1.29508. Since bottoming on December 31, the price has been trending back to the upside.
The momentum continue to the upside, the 1.3345 – 473 area is home to the October swing highs (and also highs going back to August - see red circles). The move above that and the September high at 1.33821 would be the target.
Drilling to the hourly chart below, the move to the upside has been helped by the basing against the 100 hour moving average (blue line at 1.32902). The sellers had their opportunity to take the price lower and below that moving average, but they couldn't. Sellers turned buyers and the move higher restarted.
The move higher did extend back above an old trend line. Admittedly that trend line was broken after the employment numbers on Friday only to be reestablished later in the day. In trading today the price initially fell below that trend line but could not sustain the momentum. That trend line comes in at 1.3308. A move below that level would weaken the intraday technical perspective on the hourly chart.
