Inching higher but still has work to do
While most other pairs remain off extremes, the USDCAD is ticking to a new session high.
Having said that, don't get too excited. The range for the day is still 58 pips. That is below the 22-day average of 71 pips, but it is still a continuation of the upside probing.
As mentioned in the previous post, there is still topside targets to get to and through before the buyers start taking more control. The high from yesterday at 1.2832 is the next target. The underside of the broken trend line currently comes in at 1.2836. The 100 hour moving average is catching up to the price at 1.2841. The last time the price traded above the 100 hour moving average was back on November 30 and December 1, but that was only for a 2 hour time period.
Earlier today, the low for the day took out the low from yesterday's trade, but only by a pip or 2. The low also broke below the October 1, 2018 low price at 1.27818 (not shown). The price moved back above that level, and has closed - on a hourly bar basis - above that level for the last 10 or so hours.
Going forward, that level at 1.27818 continues to be a barometer for bulls and bears. For dip buyers, a move back below level would not be welcome. For sellers, get below and the trend lower remains firmly intact.
