The USDCAD has seen a run higher along with the general dollar buying trend today afterFed Chair Powell’ Jackson Hole speech.
The pair – after dipping toward the low from yesterday, and the 50% of the recent trading range after the better than expected core PCE data – saw sellers turn to buyers as the Chair spoke. The 200 hour MA was broken first at 1.29512 followed by the 100 hour MA at 1.29742 and a swing area up to 1.2989.
The natural resistance at 1.3000 was also broken. The price currently trades just above that level at 1.3004.
The 100 hour MA will be a risk defining level now for buyers looking for more upside. If the buyers are to keep control, staying above that MA is required.
The high reached to 1.30095 so far. That is short of the Wednesday high at 1.30175. Get and move above that level would add to the bullish bias and have traders looking toward the highs for the week up at 1.3062 area (from Monday and Tuesday).