Pair crossed back above 200 day and 200 hour moving averages
The USDCAD is traded to a new session high and trades at the highest level since June 3. The price yesterday reached the lowest level since early March and in the process tested a swing area at 1.3320-457. The low for the day reach 1.33144 rebounding into the close and closing near its session highs.
Today that rally continued as risk off flows has weekend the CAD (and other pairs like the AUD and NZD vs the USD).
Technically, the price moved back above its
- 200 day moving average at 1.3465
- its 200 hour moving average currently at 1.34733
- a downward sloping trendline
those breaks to the upside gave the buyers more confidence to push higher.
The next topside target comes in against the high from June 3 at 1.35716. Above that is the 38.2% retracement of the move down from the May 22 high. That level comes in at 1.35945.
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