USDCAD sellers had an opportunity earlier this week with breaks outside the upside-down “red box”. The first move was on Monday. 2. on Tuesday. Each failed on the break. The sellers had their shot. They missed.

The increase in price has led to the movement of the price of the pair above the MA of 100 and 200 hours (blue and green lines). In today’s trading, the price fell towards that MA and although the price fell below the lower 100-hour MA, that breakout failed. The price is now becoming more comfortable above the 200-hour MA at 1.43797. The price is currently 1.4397.

Going forward, it needs to stay above the 100 and 200 hour MAs to keep buyers in control. As long as this can continue, the pair has room to move higher with 1.4435 the next key target, followed by a high momentum area near the Red Box high between 1.44487 and 1.4466.