USDCAD trades to new session highs and in the process tests the 200 day MA

The USDCAD fell initially at the start of the North American session after the Canada jobs report, in the revisions to the CPI which was originally thought to be more than what it ended up being. The price moved to the high of a swing area between 1.3398 and 1.3414 before bouncing higher. Since then, the price has moved above its 200-hour moving average at 1.3453, and it’s 100 bar moving average on the 4-hour chart at 1.3459.

The price moved up to its 200-day moving average of 1.34769 and it’s 100-hour moving average 1.34833. The price high has reached between those two moving average levels.

What next?

Sellers have so far leaned against the 200-day MA/100-hour MA. The current price is trading at 1.3472. If the price is to continue its upside momentum, getting above 1.34833 is required.

This article was written by Greg Michalowski at Source