Pushed higher on Poloz presser
The USDCAD has pushed higher on more dovish comments from BOC Poloz in his post rate decision press conference.
Technically, the low price on the initial dip did find support near a lower trend line on the hourly chart. The push higher started to take out the topside levels.
- The 100 day MA at 1.3095
- The 100 hour MA at 1.3117. That level found sellers earlier in the day (see blue line)
- Trend line resistance was next taken out at 1.31136
- Currently we are up testing (and peeking above) the 200 hour MA at 1.3164 (trading at 1.3168 currently).
The 200 hour MA has not been breached since falling below that MA line on December 30th (so this is the 1st time in 2017).
Yesterday, the price was higher than it is today, so the pair can go higher (it is now up to 1.31725 as I type). The next hurdle (target) will be the 1.3188 high from yesterday. That is also the 61.8% of the move down from last weeks high. Looking at the daily chart below it is also near the underside of the broken trend line (see chart). So that is a key technical resistance level to get to and through today - IF the move higher is to continue (It could also be a stall point).
With the price now above the 200 hour MA that is close support for traders now (risk).
