The USDCAD has been waffling above and below its falling 100 hour moving average currently at 1.25108. The high price reached 1.2533. The low price in the Asian session reached 1.2485.
More recently, the price has been finding support near it's 200 day moving average at 1.24983. There have been small dips below that level in the London session, but momentum could not be sustained and the price has rotated higher in the North American session.
On the topside, the current hourly bar reached 1.2530, just short of the Asian session high and short of a swing high from yesterday's trade near 1.25354. The area between 1.25257 and 1.25354, needs to be broken to increase the bullish bias. Above that level, and the falling 200 hour moving average at 1.25847 is moving toward a higher swing area between 1.2570 and 1.2577.That area would be upside target on further momentum in that direction.
Although the price is currently above the 100 hour moving average, the buyers need to show a little bit more momentum to the upside if they are to take more control.
Helping to give the weakness in the USDCAD support (higher CAD), has been the price of crude oil. It is currently trading up $1.59 or 1.9% at $85.41. The move to the upside is not being reflected in a downward move in the USDCAD today. However, it could also lead to limited upside. Nevertheless, traders will be paying attention to the technicals for clues. For now, the topside resistance it holding but so is support.
