USDCAD extends to the upside

The USDCAD has moved increased within the North American session, breaking again above a key swing space between 1.38078 and 1.38499 (highlighted by the purple numbered circles on the chart). The rally has taken the pair as much as a session excessive close to 1.3890.

On the Four-hour chart, the following upside goal comes into focus close to the 1.3930 stage—a key resistance zone to look at if bullish momentum continues.

Drilling all the way down to the hourly chart, the pair has additionally damaged above each the 100-hour and 200-hour shifting averages. The 100-hour MA was cleared at 1.3832, adopted by the 200-hour MA at 1.3861. Holding above these ranges retains the consumers in management from a technical standpoint.

A transfer again under the 200- and 100-hour MAs would weaken that bullish outlook and recommend a possible shift again towards impartial or bearish bias.

The consumers are making a play, however there may be work to do from a technical perspective.

This text was written by Emma Wang at www.ubaidahsan.com.



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