orvilleawright

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

FX:USDCAD   U.S. Dollar/Canadian Dollar
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 .
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