USDCAD trades to new session highs and away from MAs

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Moves up toward the next targets

The USDCAD is trading to a new session high and in the process is moving toward the 1.314-48 area which has been a swing level ahead of the extended October highs (see yellow area and red numbered circles).  

The bullish bias today was helped earlier in the day with support buying near the 200 hour MA (green line).  The 100 and 200 hour MAs are now converged at 1.3108.  Going forward through the election, those levels will be a barometer for bulls/bears.  Move below and the sellers take back more control. Until then, the sellers may still lean against the targets above (risk is defined and limited against the levels), but the buyers are still more in control.
PS The price is also above the 100 bar MA on the 4-hour chart at 1.3076 and the 100 day MA at 1.3071.



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