USDCAD trade above its 200 hour moving average for the first time since December 23rd

USDCAD on the hourly chart

The USDCAD has moved sharply higher after the FOMC minutes.

Technically, the price moved above the 100 hour MA at 1.27134, a topside trend line at 1.2737, the 38.2% of the move down from the December high at 1.27506, and the 200 hour MA at 1.27587. The high price reached 1.27647.

The breaks have tilted the bias more to the upside with the 1.2773 to 1.2782 area as the next upside target area. The 50% retracement of the move down from the December high comes in at 1.27912 and would be another target going forward.

On the downside, buyers looking for more upside, watch close intraday risk at 1.27506, and the broken trendline at 1.2737 (and moving lower) .

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