USDCAD extends above 1.3000

The USDCAD USD/CAD The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh Read this Term has seen a run higher along with the general dollar buying trend today afterFed Chair Powell' Jackson Hole speech.

The pair - after dipping toward the low from yesterday, and the 50% of the recent trading range after the better than expected core PCE data - saw sellers turn to buyers as the Chair spoke. The 200 hour MA was broken first at 1.29512 followed by the 100 hour MA at 1.29742 and a swing area up to 1.2989.

The natural resistance at 1.3000 was also broken. The price currently trades just above that level at 1.3004.

The 100 hour MA will be a risk defining level now for buyers looking for more upside. If the buyers are to keep control, staying above that MA is required.

The high reached to 1.30095 so far. That is short of the Wednesday high at 1.30175. Get and move above that level would add to the bullish bias and have traders looking toward the highs for the week up at 1.3062 area (from Monday and Tuesday).