USDCAD sellers had a shot earlier this week with a break outside the “Red Box” up and down to the downside. The first move was on Monday. The 2nd Tuesday. Each one failed on the break The sellers got the view. They lost.
The price increase saw the pair's price move above the 100 and 200 hour MAs (blue and green lines). In today's trade, the price fell towards these MAs and although the price fell below the lower 100-hour MA, that break failed. The price is now getting more comfortable above the 200-hour MA at 1.43797. today stands at 1.4397 $.
Going forward, staying above the 100 and 200-hour MAs is necessary to control buyers. As long as that can continue, the pair has room to move to the upside with the 1.4435 the next main target, and then the upper swing area near the top of the red box between 1.44487 and 1.4466.
