Last nights break failed
The USDCAD has moved above its 100 hour MA in the early hours of the trading day today. That break was the first since falling below on August 16th.
The fall from that high took out the low from yesterday, but fell short of a lower trend line.
We are see a snap back rally that has now taken the price back above a trend line at 1.2485 currently and toward yesterday's closing level at 1.2505. The high? 1.2505. Not far above is the 100 hour MA at 1.2509.
Key resistance above but on a break above, there should be more buying. On dips, look for the broken trend line to find some support buyers.
