The high for the day and high from last week targeted
The USDCAD is moving toward the day highs after weaker than expected retail sales (-0.9% vs -0.6% est). BOC Poloz is out after the report saying economy is in good shape, blaming the trade and lower oil prices for recent weakness.
The price action has seen the price move higher. The peak on thee move reached 109.764. That was just short of the earlier session high at 109.79. The high from last week reached 108.882. Each of those levels are upside targets.
On the downside, the price moved below a trend line yesterday on the hourly chart and also the 100 hour MA. Today, the rebound in the Asian session took the price back above each. The trend line was tested in the European session on a correction and did a good job of holding support (again). That trend line comes in at around 109.59. A reversal below that trend line would tilt some of the bias back to the downside, with the 100 hour MA at 109.466 another bearish borderline. Get below each of those levels should solicit more selling. Until then, the market will be focused on the topside targets.
On the daily chart, the USDCAD is trying to base (got close to the 100 day MA on the tumble lower in January and bounced). The pair is trading today above the July 2018 swing high, but below the June 2018 swing highs (between 1.3288 and 1.33839). A break outside that range would solicit more price action in the direction of the break.
