The USDCAD currency pair is moving higher as the focus in this pair is on the decline in commodity prices including the price of oil and risk flows due to the decline in stocks in the United States.
Technical factors also played a role in USD/CAD’s rise after the price moved above the 200-hour moving average for the first time since August 6 earlier today (and based itself on this moving average before accelerating higher). The price reached the 50% broken midpoint of the move up from the late December low at 1.35612, and pulled back slightly. The next major target for the increasing momentum will be towards the 1.3590 area where the lower declines from earlier this year have stalled, and also where the 100- and 200-bar moving averages on the 4-hour chart converge. Be aware of this area not only today, but in the future.
I’ll explain all of that in the video above.
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