USDCAD gives it another shot above the 100 hour MA

The USDCAD is making another run above the 100 hour MA at 1.28298. Earlier in the day, and move above was rejected. On Friday, the pair moved above on three hourly bars and failed each break. On Thursday, the price also moved above and failed. .

Above the 100 hour MA, is the 200 hour MA at 1.28537. On the FOMC day last Wednesday, the volatility took the price above the 200 hour MA, but quickly failed. Ultimately if the buyers are to show strength, they need to get and stay above that MA level.

The price of oil helped the run up as the price sharply declined to $92.44. That move lower has seen a rebound up to $94.74, but the price has since back down to the current price of $93.42. That’s down $-5.03 on the day or 5.1%.

Buyers are making a play above the 100 hour MA and staying above so far. Can they keep the momentum going with a break of the 200 hour MA going forward now.