The USDCAD has spiked higher over the previous few hours after testing the low from yesterday and a swing space down to 1.3494. The lack of ability to prolong with momentum to the draw back gave consumers the alternative to stick a toe in the water close to the ground space. The previous few hours have seen the worth transfer higher. Oil costs could have contributed as they gave up early positive factors and now commerce again under the $90 degree.
The rise in worth has now taken the worth to test this falling 100 hour moving average at 1.35473. That moving average will likely be the subsequent barometer for consumers and sellers. Move above and we must always see additional upside momentum. Stay under (there must be sellers towards the degree with a cease above) and a rotation to the draw back could possibly be reestablished.
The excellent news for the consumers is that the ground space did maintain help yesterday and at this time. However, the brief time period momentum has positively been managed by the sellers (helped by rising oil costs), and that falling 100 hour moving average is now getting in the method.