USDCAD stretches toward key MA resistance

Technical Analysis

Author: Greg Michalowski | usdcad

100 and 200 day MA above at 1.32936-1.33016

The USCAD is stretching to a new session high (up 51 pips and 0.38% on the day), and in the process, is looking to test the 100 day MA at 1.32936 and the 200 day MA at 1.33016.  There should be some stall against the area (see yellow area in the chart above). 

100 and 200 day MA above at 1.32936-1.33016_
The pair today based in the Asian session against the 200 hour MA (green line) and then worked on staying mostly above the 100 hour MA (blue line).  That gave the buyers the confidence to move higher. The 50% and now 61.8% retracements have been broken as well at 1.32697 (a risk level now) and 1.32872 most recently.   

Buyers are in control, but key resistance is not far above.  Patient sellers will look to sell/take profit ahead of 1.3301.  More confident sellers will lean a little earlier. But in each case, a break above keeps the trend alive today.  So be careful on a break above the 1.3301 level.  

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