The USD/CAD pair is finding buyers against its rising 100-hour moving average at 1.35756 (see the rising blue line on the chart below). Staying above this moving average will give buyers more control. The 200-day moving average at 1.35889 is also in play.
On the upside, there is work to be done to increase the bullish bias.
- It broke the swing high near 1.36188. Yesterday, the price extended above this level but was quickly rejected.
- It surpassed the 38.2% retracement level of the move down from the August high at 1.3633.
- It crossed the 200-bar moving average on the 4-hour chart just above 1.36459.
- Crossed the 100-day moving average at 1.36740
- The midpoint of the same downward move is above 50% at 1.36927.
All of these levels are bullish targets to check to increase the bullish bias. It all depends on staying above the 100 hourly moving average today and going forward. If the price breaks below this level with momentum, I can easily see buyers turning to sellers in disappointment, but stay above that level, and there is room to roam with specific targets to reach and surpass.
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