Can it stay above. 100 hour MA approached.
The USDCAD has rebounded higher (see prior post) and in the process has moved above the 1.3454 level. That level corresponds with swing level going back to early April. Stay above is more bullish.
The price of oil has tumbled lower and moved away from the 100 day MA at the $51.04 level. That has helped the pair correct higher (lower CAD). Honestly, the price of crude moved all the way to $48.75 AND below the 200 hour MA at $49.49 (PS the 50 day is at $49.50). We are below those MAs and staying below will be more bearish.
Drilling to the hourly chart of the USDCAD, the pair is getting closer to the 100 hour mA at 1.3484. That MA held resistance yesterday not just once but twice. You would expect sellers to lean with stops on a break above. Be aware.
