Follows the dollar lower
The USDCAD has moved down with the general dollar weakness in the NA sessionn. Oil prices are up +0.9% and that too is helping the strengthen the CAD (weaken USDCAD).
The move lower has run into a key target level:
- The 100 and 200 hour MA are both at 1.3108
- The 100 bar MA on the 4-hour chart is at 1.3104.
The low for the day stalled at 1.31086.
The price has bounced modestly off the level. If the sellers are to remain in control, a correction should hold resistance at the 1.31348 area. This was lows from yesterday and is the 38.2% of the trend leg lower today. The correction has moved to 1.3120.