The USD/CAD continues to move upward after reaching last Wednesday’s bottom near 1.3472. Since then, the price has risen for five consecutive days, reaching its highest level at 1.3660 in today’s trading.
In the process today, the price was able to expand above the September high at 1.36467. This is now close support. The price also moved above the 100-day moving average at 1.36516 and the broken 38.2% retracement level on the daily chart (for an upward move from the end-December low) at the same level.
Buyers are breaking above key technical targets. Staying above 1.36467 keeps buyers fully engaged and in control. Go back below this level, and I think breakout buyers will be disappointed by the failure (especially after a fairly strong five days to the upside).
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