USD/CAD above 100 MA on 4 hourly chart for the first time since June 18

USD / CAD is attempting to raise over 100 MA on a 4-hour schedule for the first time since June 18. Level is around 1.3082. Rising and closing at the top signals a new upward pulse.

Failure and decline and bear are under control.

Upon a possible rise, the next target comes to about 1.30978 (or just round 1.3100). There is also 38.2% Fibonacci, which will most likely attract the price of a breakthrough and will accrue new sales. Breakthrough from these levels will raise the price to 50% Fibonacci, from where the road looks clean for 200 periods at 1.3176.

What supports this plan is Oil, which is in correlation with the Canadian currency – strong oil, a strong currency. In this case, the oil is down by $ 1.39 for the day to $ 55.30.

 Trader Aleksandar Kumanov

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