Back above the 100 day MA after double bottom
The USDCAD can't stay below the 100 day MA (at 1.33133)
The price just moved back above the 100 day MA at 1.33132. On April 1 and again yesterday, the MA was broken and failed. Also, hellping the bulls/buyers today is the low was near the low from Monday at 1.32966 (low reached 1.32956). Double bottom.
So there is some apprehension from the sell side and there was some reasons for the buyers too.
Going forward, that MA line will be eyed by the buyers and the sellers. Stay above and there could be more upside potential. Move back below, and the price action is funky technically, but I would have to respect the sellers more as they try (once again) to see if life below the 100 day MA can lead to more selling pressure.
On the topside, the broken 61.8% at 1.33262 is a target to get above now. The 50% of the move down from teh high yesterday comes in at 1.3334
Crude oil is down marginally at $62.41 (at the low). Lower oil can have a positive impact on the USDCAD (lower CAD). Although lower, the price of crude oil moved above its 200 day MA at $61.66 yesterday (first close above since October 2018). A move below would be needed to weaken that technical picture.
There is room down to that level of course which could help to weaken the CAD further (potentially), but just be aware that there may be some stall in the crude at the 200 day MA (on more weakness).
