Forex technical analysis: USDCAD makes a break for it.
Moves above 200 hour MA
The USDCAD has made a break to the upside in the last hour. The pair just moved above the 200 hour MA at the 1.31037 level. On Tuesday and Wednesday, the price also moved above that MA, only to fail and correct lower. The pair has also moved above trend line resistance (see red circles). A bullish run into the end of the week.
Crude oil is down -$0.35. That may be contributing but let's face it, oil has been confined in a narrow range since early December.
I would just chalk it up to more buyers that may have simply used technical levels to define bullish/bearish. PS, the low in the London session stalled just ahead of the 100 hour MA at 1.30686 (low reached 1.3071). Buyers leaned and shorts may have been forced to cover on the breaks of the trend line and 200 hour MA.