It is not pretty...
The USDCAD on the daily chart is showing the price above the 200 day MA at 1.31425. We are trading near the day's highs. All of last week traded below the 200 day MA. SO the bias is more bullish.
Looking at the hourly chart, the pairs price action today is a bit ugly with the pairs price moving above and below the 200 day MA line on ten separate bars.
The good news for the bulls is that the price did not touch the MA line on the last hourly bar. The current bar is extending higher. The high for the day comes in at 1.31627. A move above that level should give the buyers more confidence.
