Trend line and 100 hour MA are topside resistance hurdles to get above
The better Markit PMI data, has the USDCAD trading near highs for the day and also just above a trendline that has stalled rallies. That trend line comes in at the 1.30795 level. The price has just moved above that level as I type (see green numbered circles).
Stay above will have traders looking toward its 100 hour moving average at the 1.30975. That is also home to the underside of a broken trend line from yesterday's trade. The price has traded above its 100 hour moving average since October 10.
Buyers are trying to make a play and tilt the bias more to the upside. The 1st hurdle at the trendline is being broken. The next hurdle at the 100 hour moving average looms above.
Watch for the 1.3070 level as support now. That was the low price from Tuesday's trade (close risk for buyers now).
