The USDCAD at the moment moved above its 200 hour MA (inexperienced line at 1.25904) within the Asian session, and within the course of continued the pattern transfer larger that was began yesterday.
The break larger above the 200 hour shifting common (inexperienced line) noticed some consolidation, however the value primarily based towards that MA earlier than taking the following run larger to the 200 day MA at 1.26246.
After some up-and-down above and under THAT shifting common, the value re-based as soon as once more and pushed towards the following goal – the 100 day shifting common at 1.26733. The excessive value from April 13 can be close to that degree at 1.26755.
As soon as once more the USDCAD value motion noticed the pair commerce above and under that shifting common, however has subsequently moved larger and additional away within the early North American session. The excessive value simply traded as much as a brand new excessive at 1.26943.
The 100 day shifting common is now shut assist. Keep above is extra bullish.
Drilling all the best way down to 5 minute chart under, yesterday the the USDCAD bottomed close to it is close to converged 100 and 200 bar shifting averages (blue and inexperienced traces) earlier than breaking above, holding the extent and beginning the pattern transfer to the upside (see decrease finish of the chart under).
In buying and selling at the moment, the low costs within the Asian session got here all the way down to re check the rising 100 bar shifting common (strong blue line) earlier than accelerating to the upside and operating away from that shifting common degree.
The present 100 bar shifting common is available in at 1.2658. The 38.2% retracement of the accelerated pattern transfer to the upside at the moment is available in at 1.26548.
A transfer under the 100 day shifting common adopted by a transfer under the 2 technical ranges on the 5 minute chart (i.e. the 100 bar shifting common and 38.2% retracement) are the minimal promoting targets if the sellers are to begin to take again even the smallest quantity of management from the consumers.
Absent these strikes, and the consumers stay in agency management.