The USDCAD has moved higher today helped by lower oil prices. Crude oil is getting hammered ahead of the Biden/Saudi Arabia meeting on Friday. The crude oil futures are trading at $97.11. That's down near $7 on the day. The low price has reached $96.67. The July 6 low reached $95.10.
Despite the sharp fall in crude oil , the price rise did find some resistance in the USDCAD near the swing high from yesterday and the swing high from last Thursday. Those levels come between 1.3051 and 1.3055. The high price today reached 1.3050. The current price trades at 1.3022.
Technically, it would take a move above the 1.3055 level to give buyers the encouragement to take a run at the swing highs from last week and the highest level for the year (and going back to November 2020) at 1.30826.
If the aforementioned resistance cannot be broken, traders will be eyeing the 1.30108 to 1.3020 area followed by the flattened 100 hour moving average at the nice round level of 1.3000. Move below the 100 hour moving average and stay below would have traders looking toward the 38.2% retracement 1.29817. The low price since peaking at 1.3050 today has reached 1.30166 so far near the middle of the lower swing area support for the day.
Overall, the price is higher on the day, but has a settled between a swing area support level and a swing area resistance area. Traders will be looking for the next shove for short-term technical clues.
