USDCAD extends to new highs as ups and downs continue

Technical Analysis

Author: Greg Michalowski | usdcad

Floor at 1.3232 – 35 holds support.Price back above the 100 day moving average

The USDCAD is trading to new session highs reversing the declines seen in the London morning session (and into the NY session).  The low price for the day did breach below its 100 hour moving average (blue line currently at 1.32412) but could not extended below recent swing lows at 1.3232 nor the 38.2% retracement at 1.32354).  In the ups and downs for this currency pair recently, that scared shorts and led to new buyers (again).

Floor at 1.3232 – 35 holds support.Price back above the 100 day moving average_
The  move higher has now taken the price above its 100 day moving average at 1.32649 and also above the underside of the broken trend line at 1.3276. Staying above each would be more bullish however remember, this pair has had plenty of ups and downs this week.

The next upside target nevertheless comes in at 1.32986. That was the high from yesterday. Not far from that level is the 200 day moving average and top side trendline at the 1.33024 area.

Oil is down helping to weaken the CAD (but it was down yesterday and USDCAD fell while going down).

CPI data was near expectations today.
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