High at 1.26038 is being tested
The USDCAD as moved to test the high from last week at 1.26038. The high price just ticked up to 1.26041, but has rebuffed that new high on the first look. The price currently trades just below the level 1.2592. Nevertheless the new high at the price the highest level since October 6.
Looking at the hourly chart, the price fell in the late Asian session and in the process dipped below the 100 hour moving average and 100 day moving averages (100 hour moving average at 1.25527. The 100 day moving averages at 1.25458).
However, selling could not be sustained and the price rebounded higher. The next dip in the late European morning session found dip buyers between the aforementioned moving averages. That gave the buyers the go-ahead to push higher and take the price to test the high from last week. Lower oil prices have also helped to support the USDCAD (lower CAD).
