The USDCAD pair is currently looking to broaden the momentum further beyond the 1.32 handle.
Buyers are presently endeavoring a move to attempt and break over the near term trendline resistance just as the 200-hour moving average at 1.3216. A break of the last will see buyers recover near term control of the pair and look towards resistance around 1.3245-50 next before the 100-day moving average comes along at 1.3260.
Price stays bolstered by the key rising trendline since February a year ago. As buyers protected the level yesterday, price moved over the 200-day moving average and is currently hoping to challenge the 100-day moving average at 1.3160 once more.
The key here will be to keep an eye out for the next direction in oil prices. Of course, we’ll get more information of that as we move nearer towards the OPEC meetings.