USDCAD has more bullish technical overtones on daily chart. Find out why in this video.

The USDCAD has been trading above and below its 200-day moving average over the last few trading days. Yesterday it broke to the upside and also extended above the 50% midpoint of the 2023 trading range. Both those developments tilts the bias of further in favor of the buyers. Stay above the 50% midpoint at 1.34766 and the 200-day moving average of 1.34482 keeps the buyers in full control on the daily chart.

Yesterday, the low prices for the day stalled against its rising 100-hour moving average which is currently at 1.3458 (and rising). Getting below the levels on the daily chart and the 100-hour moving average is needed to take control away from the buyers. Until then the buyers are winning and the sellers are losing.

This article was written by Greg Michalowski at Source