Technical Analysis

USD/CAD looks to close above 100-day moving average

USD/CAD up 60 pips

USD/CAD is flirting with some major technical levels today. It briefly broke above the late September high but is now back below. However it remains above the 100-day moving average.

If CPI and retail sales are weak tomorrow or the stock market continues to wilt, then USD/CAD could break out with little standing in the way or a rise to 1.3200.

There’s also a bit of an inverted-head-and-shoulders pattern with the head at the Oct low. A break higher in it would target a rise to 1.34.
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