USDCAD moves above the 100 day MA and swing area

Technical Analysis

Author: Greg Michalowski | usdcad

CAD lower but the Toronto Raptors are NBA champions

The CAD may be lower today, but the Toronto Raptors are the NBA Champions. Adam jumped on that bandwagon (O Canada) and is recovered from his favorite Boston Bruins losing in game 7 of the NHL Stanley Cup on Wednesday night (he would have preferred the Bruins won I think).

CAD lower but the Toronto Raptors are NBA champions
For the USDCAD, the pair has run above the 100 day MA (at 1.33477 - now risk) and also cracked above a swing area at 1.33619-667 area.  The 1.3400 area is an upside target with the 50% of the move down at 1.34011.  

Earlier in the week, the pair moved above the 100 hour MA (lower blue line break on June 12). The high price stalled at the 100 day MA and backed off (also on June 12).  Yesterday, the price action was down and up. Today before breaking the 100 day MA, the pair moved above its 200 hour MA (green line at 1.33328).  

Buyers are in control.  
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