200 hour MA up at 1.28114 is the next target
The USDCAD has now broken above a downward sloping trendline near 1.2759 AND the 100 hour moving average 1.27748. The price of the USDCAD moved above the 100 hour moving average on Wednesday, Thursday and Friday of last week, but each break failed.
Can the price remain above the MA line now?
If the price can stay above, the 200 hour moving average at 1.28114 is next target. Above that is the swing highs from December 7 and December 9 at 1.28322
On the downside, the 100 hour moving average is now close risk for the pair with more conservative risk at 1.27677. That level was the swing low from December 7, December 8 and December 9 and a swing high from December 10 (see red numbered circles)..
