The USDCAD trades to a new high after test of Friday’s low finds buyers

The USDCAD is trading to a new high after a test of Friday;s low finds buyers. The price – in the process – has moved back above the 61.8% of the move up from the July low and the 200 bar MA on the 4-hour chart at 1.37247 and 1.37287 respectively.

The next upside target comes against the falling 100 hour moving average of 1.37463. Get and stay above that level would give the buyers some hope after sellers had their shot last week and again today. Is it the buyers turn?

This article was written by Greg Michalowski at www.forexlive.com.