Higher oil prices trying to help
The price of WTI crude oil futures are up $2.67 at $23.05. That is the highest level since April 13. The 50 day moving average comes in at $25.49. The price is still a ways away from it. However the price has not traded above that moving average since January 13. Its getting closer.
The rising crude oil has helped to the loonie move higher (USDCAD lower). There was some upside reaction after the German court decision helped to push the USD higher overall, but the moved to the downside as restarted.
Looking at the hourly chart above, the pair has been able to breach briefly its 200 hour moving average at 1.40251 (green line in the chart above. The 100 hour moving averages looms below that moving average at 1.4005 (blue line in the chart above).
The low price reached between those levels at 1.4017 and bounced modestly. The price rise has stayed below swing lows from yesterday and Friday's trade at 1.4049. The high corrective price over the last couple hours has stalled at 1.4045. Close risk would be a move back above that level. Stay below and the sellers hold the control with the breaking of the 200 hour MA, and then the 100 hour MA as downside hurdles.
A move above the and 1.40493 muddies the water a bit for the sellers given the quick failure below its 200 hour moving average, and could lead to a further upside probe. Be aware
