4-day range high breached
The USDCAD has been consolidating over the last 4+ trading days. the low from last week came in at 1.29508. The high over that period reach 1.30087.
The price just extended above that level to a new 5 day high of 1.3014. The pair currently trades at 1.3007. Can the pair keep the upside momentum going? The next upside target comes in at the 38.2% retracement of the move down from the December 20 high which comes in at 1.30385. The declining 200 hour moving averages not far from that level at 1.30421.
On the downside, earlier today the price was able to extend above its 100 hour moving average at 1.29814. That is now a risk level for longs looking for more momentum to the upside. Above that is the high price from yesterday at 1.29892.
