The USDCAD buyers are shifting the buyers back to the upside with a move back above its 200-day moving average at 1.34792, and also a move above its 200-bar moving average on the 4- hour chart at 1.34948. Sellers had leaned against the 200-day moving average earlier today but they ave up helped by higher yields and overall dollar buying in many of the major currency pairs in the early US session.
On the top side, the next target comes against its 100-bar moving average on the 4-hour chart at 1.35178. Above that is the 100-day moving average at 1.35295. Get above that level and then 50% retracement 1.353781 and the door opens for more gains. Stay below and we remain in the up and down trading range.
This article was written by Greg Michalowski at www.forexlive.com. Source