Technical Analysis

USD/CAD rises above 100-day MA in fourth day of gains

USD/CAD rally continues

The Canadian dollar is now in a four-day slump.

Falling oil pries and worries about commodity producers are weighing on the loonie. Early today New Zealand’s jobs report disappointed and a day earlier the RBA moved to a neutral stance.

USD/CAD is up 56 pips on the day to 1.3270 and rose above the 100-day and 21-day moving averages in the process.

At the moment, the Jan 30 high of 1.3281 is capping the rally and acting as resistance.

ForexLive

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