USDCAD moves toward the 100 hour MA/50% retracement

Technical Analysis

Author: Greg Michalowski | usdcad

The 100 hour MA and 50% of the move down from the May 17 high comes in at 1.3433

After stalling ahead of the 38.2% at 1.3414, the pair consolidated and continued its run higher. That run has been helped by continued weakness in crude oil. The price is testing the $61.00. A break would look once again toward the 200 day MA at $60.50 level.  

The 100 hour MA and 50% of the move down from the May 17 high comes in at 1.3433
For the USDCAD the next key target comes in at the 100 hour MA. That MA comes in at 1.3433 and is joined by the 50% midpiont of the move down from the May 17 high.  Above that is the 200 hour MA at 1.3441.

ON Friday, the USDCAD closed near the converved 100 and 200 hour MAs. On Monday, it opened below those MA levels and stayed below all week.  

Retail sales today were stronger than expected (ex Auto and with revisions). The low for the week was reached at 1.33535.

However, the momentum stalled, the crude oil inventory data showed a surprise build, crude oil fell and the squeeze back higher was on.  For the pair, ups and downs have been the norm of late.   

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