Pair is now up on the day
The USDCAD has moved up, down and up again in trading today.
The current price rise has taken the pair to test and now move above the 200 hour MA. The price has waffled above and below that MA line today. So the "break" is nothing new. However, if the momentum can be sustained, the 38.2% of the week's trading range at 1.41002 would be eyed. Above that and a topside trend line cuts across at 1.4114 which dovetails the high from earlier today. Above that line, and the 50% and 100 hour MA at 1.41315 and 1.41377 would be eyed.
On a failure (it has been happening) and we can' t rule out a rotation back toward 1.4050 area.
For the week, the low on Monday was at 1.4011 and raced to a high at 1.4264 on Tuesday. Oil was running lower, and that hurt the loonie (higher USDCAD).
The price started to reverse lower, with the pair falling to a new week low yesterday at 1.3999. The inability to extend below the natural support target at 1.4000, has led to more up and down trading since then, with the high today extending above the 38.2% at 1.41002, but failing (on the two looks above that level). 1.4000 low... 1.4100 high.
Overall the pair is higher on the week (the price closed around 1.4000 last week and at 1.4087 currently), but is well off the highs too. Get above 1.4100 and buyers should feel better with 1.4114 making them feel even better. At 1.4088, both buyers and sellers are still a little unsure but buyers are making a play.
Crude oil is currently trading up $0.56 or 3.39% at $17.07. The high price reached $17.97 while the low extended to $15.64.
