It took a while, but the USDCAD is making a break for it to the upside. The pair tested the 100 hour MA in the Asian and London morning session. Then tried to move higher in the NA session. The first few tries saw some up and down apprehension. The last two hourly bars have seen a run to the upside.
The pair is moving toward the broken 38.2% of the move up from the August 1 low. That level comes in at 1.29009 (a nice round number). Getting above that level would increase the bullish bias more for the pair.
The price of oil is back in the red on the day helping to weaken the CAD in the process. The high for the day reached to $92.62 but is back below the $90 level at $89.69. The low for day was reached earlier at $89.06. Looking at the houlry chart, of crude oil below, the price is back below the 100 hour MA at $90.01. The high price today stalled near the 38.2% of the move down from the July 29 high at $92.67.
