BOC Poloz: Looks like we took at appropriate insurance
As BOC Poloz chirps...- " It looks like we took at appropriate insurance amount", " BOC is more preoccupied with downside risks of oil", "Biggest risk is US economy stronger-than-expected", "BOC thinks interest rate is correct"... - the USDCAD is breaking below key 100 day MA at the 1.2216 level.
Intraday the price is also falling below the 100 and 200 bar MA on the 5 minute chart and the 50% of the days trading range. This area is now resistance/risk for shorts. The sellers are taking control.
Meanwhile, WTI oil prices have moved back above the 57.10 level (+2.4% on the day) in trading today. On Friday the price fell and closed at 55.74. Higher oil prices are helping the CAD (lower USDCAD).