Held trend line support too today. Crude oil is trading at lowest level since January 2019
The USDCAD stalled against a lower trend line today and above it's 100 day MA at 1.32278. The pair traded above and below that MA on Friday before settling above the level. The holding above the levels today keeps the buyers in control.
The price today has extended above a topside trend line at 1.3259 currently and is up testing a swing area going back to November and December at 1.32594-698. In fact, we are just moving above the top end of that range as I type. Bullish. Risk for longs will now be the 1.3259 level.
On more momentum above the 1.32698 level will have traders looking for a full retracement to the highest highs from November and December at 1.3318-27 over time.
Helping the run higher (weakening the CAD) is the price of WTI which is trading down $-1.12 or -2.15% at $50.45. The low price just extended to $50.31 the high reached $51.97 today. Looking at the daily chart, the low today extend below the August 2019 low price at $50.52 and the June low at $50.60. The price is trading at its lowest level since January 2019. Next stop, the natural support level of $50.
