The USDCAD is continuing the move to the upside after bottoming last Wednesday near 1.3472. Since then the price has risen for five consecutive days taking the price to a high of 1.3660 in trading today.
In the process today, the price has been able to extend above the September high at 1.36467. That is now close support. The price has also moved above its 100 day moving average at 1.36516 and the broken 38.2% retracement off the daily chart (of the move up from the end of December low) at the same level.
Buyers are making a break above key technical targets. Staying above 1.36467 keeps the buyers fully engaged and in control. A move back below that level, and I would be of trade that the break buyers would be disappointed on the failure (especially after five fairly strong days to the upside).
This article was written by Greg Michalowski at www.forexlive.com.
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