USDCAD trades to a new high. Trend line approached.

Technical Analysis

Author: Greg Michalowski | usdcad

USDCAD above the 100 hour MA

The USDCAD trades to a new session high and in the process has extended above its 100 hour MA at 1.27028.  The pair is also approaching a downward sloping trend line at 1.2727. The highs from yesterday reached up at 1.27331. The 200 hour MA (green line) is at 1.27411.  Those are all upside targets (you can add 200 hour MA at 1.27411 as well) that all need to be broken IF the buyers are to continue the upside corrective probing.  Failure to do that, and the low may be in place. There may be some more ups and downs, but the buyers are not winning.   

USDCAD above the 100 hour MA

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