USDCAD trades to a new intraday high. Looks toward 100 hour MA for more buying confidence.

The USDCAD is making a new session high and in the process is taking a peek above a swing area between 1.3348 and 1.3353. Getting and staying above the area, and then testing – and moving above – the falling 100-hour moving average at 1.37707 would be needed to increase the bullish bias and give more confidence that the bottom is in place (at least in the short term).

Stocks are on pace for their first decline in 10 days (for the Dow and Nasdaq at least). Yields are still lower on the day, but the dollar taking clues from the stock reversal (if stocks can go lower, the USD can rebound).

This article was written by Greg Michalowski at Source