Buyer's taking the pair higher today
The USDCAD has been stepping higher today, and in the process has been able to extend above overhead technical resistance levels.
The last break higher has taken the price above its 50% midpoint of the range since August 27 and the 200 hour moving average at 1.25933. The break above the 200 hour moving average is the first time since August 27.
Recall from last week, the price moved up to test that 200 hour moving average level (on Thursday) but found willing sellers.
With the move now above the 50% and moving average line, traders will now use those levels as a risk defining levels in the short term. Stay above is more bullish.
Target on the topside now include the recent swing highs starting with the high from last Thursday at 1.26382. The high from last Tuesday, and for the week, is at 1.26527. Above that and traders will start the eye the 1.2700 level. The high price from August 27 reached 1.27073 before rotating back to the downside.