CAD recovers some of the gap move higher.
The USDCAD has moved to a new intraday low. That is starting to work into the gap move up from Friday's trade. The high for the day was at 1.3438. The new low just reached 1.35169. The high price from last week reached 1.34639. That will be another downside target on further weakness.
Drilling to the 5 minutes chart, the price momentum to the downside this morning started to accelerate after breaking below its 200 bar moving average (green line). That moving average currently comes in at 1.36258. The 100 bar moving average on the 5 minutes chart comes in at 1.36205 (and moving lower). The price low has found support buyers near the 61.8% retracement of the move up from Friday's low at 1.35227. Those levels may become topside resistance and bottom side support. On a break of either, look for further momentum.
Helping the loonie recover is a recovery in the price of crude oil. The price is currently trading at $33.50 or $-7.79 or -18.9%. However that is still off the low price of $27.34. The high price for the day reach $34.88.
