USD/CAD pushes hard into the Goalposts

A burst of activity in the USD/CAD has pushed the pair hard up into the Goalposts, causing the pair to surge above the 100 hour MA (blue line) all the way to 1.0315 (200 Hour MA, green line) as seen in the 1 Hour chart.

Moving to the 5 Min chart the pair has backed down to the 38.2% retracement as the market prepares for its next move. The pair will at least need to break and hold above the 200 Hour moving average at 1.0315 to give signs of a continued move higher. The next target on the upside is the 38.2% level as seen on the 1 Hour chart at 1.0391. If the pair fails to move higher, a move lower would put the pair into support at the 100 Hour MA at 1.0271.




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