Moves above the 50% retracement
The USDCAD has been able to end above its 50% retracement level post the Bank of Canada press conference. That level comes in at 1.31389. The price is currently trading at 1.3146.
The next target off the 4 hour chart comes in at 1.31475. That is the underside of the broken trend line. Above that the swing high from December 24 at 1.31676 and the swing high from December 20 at 1.3180 will be eyed. The December 20 high also corresponds with the 100 day moving average. That will be a key tests should the market continue to run to the upside.
Close risk for traders will now be eyed at the 50% retracement level. Below that the high from January 9 and 200 bar moving average on the 4 hour chart at 1.3101 is a more conservative stop level for buyers.
