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<p>The USDCAD is making a break above the 200 hour MA and 38.2% of the move down from the high from last week (start of the last trend leg down that bottomed near the 100 day MA this week).  </p><p>The break has been met with more momentum. The next target is at the 50% of the same move lower at 1.33977. The high from yesterday tested that level reaching a high of 1.3400 (just above that target), but momentum died and the price rotated back to the downside.  The 1.34078 is another old floor from November 9 that if broken would open the door to the upside.  </p><p>The one concern is that the price of oil is down -12% in trading this week, and although the price of the USDCAD is higher from a week ago, the price action has been up and down with a positive tilt.  Normally a sharp fall in crude would lead to a bigger CAD fall (higher USDCAD). The USDCAD is up around 1% on the week.  </p>

                This article was written by Greg Michalowski at forexlive.com.