Looks to test last week’s highs
While the dollar is seeing choppy price action vs the EUR, GBP, AUD and NZD, and trends lower vs the JPY and CHF, it is trending higher vs the CAD. Lower oil prices and technical buying may be helping the pair.
Looking at the hourly chart, the price moved back above its 100/200 hour moving averages in the Asian session (blue and green lines), and started to based against those levels before moving higher in the London/European session. The price moved back above its 200 day moving average in the early North American session, and although the price chopped above and below that moving average line, the last two hours have seen more buying interest. The price is starting to move away from that 200 day moving average level.
The pair is approaching swing highs from last week which came in between 1.2580 and 1.25884. Get above and traders will start to target the 1.2600 area (there is a swing area between 1.260160 1.26063 going back to July 23 July 27 and July 28)