USDCAD (Daily) testing 50 SMA, more support at 1.30000

19 Eki 2016

USDCAD (Daily): The USDCAD is in a slight uptrend where it is slowly grinding higher. It has tested the 50 SMA leaving a long lower wick. In this type of price action the up moves are not sustained with deep retracements. Major support is at 1.30000. My upside targets are at 1.327x (previous high) and 1.337x (127.2% ext as well as measured move). My initial downside target would be at 1.30000 (round number) and then 1.284x (previous low). Note: BOC overnight rate remains at 0.50% and Crude oil inventories will be out shortly these could affect volatility.