The USDCAD moved greater this week, helped by a pointy rise yesterday after stronger than anticipated US CPI information and weekly preliminary and persevering with claims. The worth prolonged above numerous transferring averages with the 100-day transferring common at 1.3527 the ultimate within the MA sequence.
The momentum continued at present with the value extending above the excessive of a swing space residence to numerous completely different swing highs and lows going again to January. That is when space comes between 1.3526 and 1.35428. The excessive worth at present prolonged to 1.3549, however couldn’t maintain momentum.
Within the Europe and early US session, the value has since rotated again down and again beneath the swing space and the 100-day transferring common at 1.3527.
What subsequent?
The 100-day transferring common at 1.3527 and low of the swing space on the similar degree (properly 1.3526), is now shut resistance and a key barometer for each consumers and sellers. Keep beneath and we possible see a rotation again down towards the decrease transferring averages together with the 200 day transferring common 1.3480. Conversely, transfer again above and the value is again within the swing space which peaks at 1.35428.
On this video it is all outlined and is the roadmap for the technical image
