The USDCAD has moved higher in trading today but the price action is up-and-down. Technically, the price is back above the lows from February 25, March 6 and March 26 at 1.4238. That will be a short term support target. If that level can hold support, the buyers can push higher.
On the topside, the pair has a bunch of overhead resistance defined by moving averages. The 100 day MA is at 1.4282. The 100 bar MA on the 4-hour chart is at 1.42985 and the 200 bar moving average on the 4-hour chart is at 1.43238. All those moving averages need to be broken to give the buyers more runway for further upside momentum.
This article was written by Greg Michalowski at www.forexlive.com.