Price above 100/200 hour moving averages

Price above 100/200 hour moving averages_

The USDCAD trades near its highest level since October 14 ahead of the rate decision (the BOC is expected to taper further).

Looking at the hourly chart above, the price based against its 100 hour moving average yesterday (currently at 1.2369) and moved above a shorter-term swing area between 1.2396 and 1.24089. Those levels will be downside targets to get to and through along with the 200 hour moving average at 1.2362 (green line in the chart above) on CAD strength after the decision.

On a move higher, a topside trendline cuts across at 1.24459. Move above that and traders would target the 200 day moving average 1.24909 followed by the 100 day moving average at 1.25196.

The price move below those moving averages back on October 8 partly in reaction to the run higher in oil prices and also in reaction to the re-opening bump.