Tracks lower oil prices
The price of the USDCAD is extending to a new session high. The run is tracking the weakness in crude oil which continues to get hit after falling below its 200 day MA at $60.46. The current price is $59.58 (low $59.53).
For the USDCAD, the price is approaching recent swing highs at 1.3493 up to 1.35128. The April high (not shown) reaches up to 1.35199. The price just reached 1.3490.
Earlier today, the pair moved above its 100 and 200 hour MA (after testing it yesterday and first backing off). Those breaks also helped the bullish bias for the pair.
PS. NOTE the USDCAD has had a lot of ups and downs of late. Just yesterday, the pair moved below its trned line on the daily and recent lows at the 1.3376 level. That should have been a bearish, but buyers pushed the price back in the recent up and down range (see red box on the daily chart below) and the tumbling oil helped to keep the buyers happy. So be aware. We could be heading toward a sell extreme.
