USDCAD looks toward test of 100 day MA at 1.25919

The high just peaked at 1.2583

The USDCAD has moved up to a high of 1.2583. The 100 day MA is at 1.25919. That is a key a target that if broken would turn the bias for the pair even more bullish. That level also is home to the broken 38.2% of the move up from the September low. Both the 100 day MA and the 38.2% retracement were broken on December 28th. The pair bottomed on Friday at 1.2354 after the better than expected jobs report.

The BOC will meet on January 17th. The chance of a hike was up to around 87%. It is currently back down, but still at 71.4%