Market based and ran. Can the momentum be maintained
The USDCAD has run higher and in the process broke above a topside trend line connecting recent highs (see 4-our chart below). That broken trend line comes in at 1.3486. The correction off the high has come down to test that line, but so far, the level has held.. The next upside target - should the buyers come in, would look toward the 1.3535 highs from the end of November (1 and 2 red circles).
Looking at the hourly chart the price base today helped to give the pair a boost. It based against the highs from Dec 15 and Dec 19. Yesterday, the 100 hour MA held support as well.
The question now is can the momentum move higher hold support or is the bullish party over and we retrace some of the gains?
