USD/CAD Moves Through 100 Hour Moving Average, Next Target At 1.0287

After failing to break above the 200 hour moving average and after getting no help from lower oil prices, the price of USDCAD is now moving below the 100 hour MA at 1.0314  A break of the moving average will now likely look to target the low from Friday at the 1.0287 level.

Oil is up 0.32 cents today and trades above the $78.80 in the front futures contract.  A move higher in the USDCAD will likely need the price of oil declining.  So far, that has not occurred and although the USDCAD rebounded from Thursday’s low, that rebound was not pushed by lower oil but rather an expectation that perhaps oil was to turn back down. It has not this morning and when resistance was tested, market profit takers and sellers reemerged, and the USDCAD fell.  Look for corrective resistance now against the 1.0314 level (100 hour MA) and the 1.0324 level (old low from today)

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