Third day higher for the USDCAD
The USDCAD is working on the third day higher in a row, and in the process is trading at a new 8 day high. The price run is tradiing at the highest level since December 27th.
The pair is approaching/testing the 38.2% retracement of the move down from the December high to the December low. That level comes in at 1.30918. The high price just reached 1.3090. Earlier a topside trend line at 1.3073 was broken on the daily chart
Drilling to the hourly chart, in trading yesterday, the price moved above its 200 hour moving average for the 1st time since December 26. It then retested that broken moving average and held. That basing against the moving average, gave the buyers the go ahead to probe more to the upside.
Looking at the 4 hour chart below, the price rise today also moved above its 100 bar moving average on that chart at 1.30776. Traders might look to that as close risk in trading today. A move below would muddy the trend move higher.
