USDCAD breaks above key moving averages, Bulls take control

The USDCAD has moved higher in early NA trading and in the process moved above its 100-hour MA at 1.37149. Just below that level is a swing area down to 1.3707. That area between 1.3707 and 1.37149 is now support.

Conversely, on the top side, the 200-hour MA looms as resistance at 1.37572. Just above that level is its 50% midpoint of the move down from the November 1 high. That level comes in at 1.3763. The area between 1.3757 and 1.3763 is now resistance.

In between, there is a swing area between 1.3734 and 1.3745. The new high for the day just reached up to the high of the swing area and has found willing sellers on the first look. That high also equaled the North American session higher from Friday’s trade

This article was written by Greg Michalowski at Source