USDCAD moves above 100 hour MA. Stays above hourly trend line
The USDCAD has wandered higher today for the 2nd consecutive gain. The not so great for the buyers is the price has moved only modestly higher in relation to the fall from the October 29 high.
Nevertheless, the pair did move above its 100 hour MA currently at 1.3030 for the first time since November 4th (it failed on that day). The pair has also stayed above an upward sloping trend line currently at 1.3046.
Stay above each, gives buyers more hope for further upside momentum with a topside trend line, 38.2% retracement (at 1.31038), and falling 200 hour MA (at 1.3120) as topside targets.
Move below the trend line at 1.3046 and the 100 hour mA at 1.3030, will turn the technical bias increasingly more to the downside once again.