USDCAD pushing up toward the 1.3000 level

Technical Analysis

Author: Greg Michalowski | usdcad

Moving away from the 50% level again on trade concerns 

The USDCAD is trading at new session higher and in the process is testing the 1.3000 level/topside trend line (at 1.3003). The USDCAD reached 1.3000 on Monday and backed off. Yesterday, the price reached 1.2994 and backed off (to the downside).  A move above the 1.3000-03 level will open the pair up for more upside potential.

Looking at the daily chart, the price is moving away from the 1.2908 -1.29268 area which has a number of swing levels and the 50% of the move down from the May 2017 high. The price has been above and below that level over the last three trading days (see chart below).   Close above that level, and the buyers are more in control.