Not racing higher....It did move away from 100 day MA/50% support
The USDCAD was not ignored in the USDs tumble yesterday. The pair moved down to the 100 day MA yesterday. It traded above and below that MA today at 1.3298. It also fell below the 50% retracement of the move up from the Feb 23rd low to the high on March 8th. That level comes in at 1.32878. The low today reached 1.3276.
Favoring the upside is not only the break higher but that the last low stalled at the 50% retracement line...
Now before we get too bullish on the pair, the run higher is not exactly on fire. Yes, we just moved to new highs but even that is fizzling out. The high was 1.33208. The new high 1.33268. Big deal.
So yes the price is above the 50% at 1.32878 and above the 100 day MA at 1.3298 and longs may lean against those lines (or new buyers may buy dips now), but if this pair is bottoming, it needs more upside momentum soon.
