The USDCAD moved higher from last weeks low and has retraced that move. The price is back below the 200 day MA (at 1.0104 -blue line) and the 100 day MA at the 1.00836 level (blue line in the chart above). The low from last week was 1.0064. The low today has been 1.0062. Traders short from above, can keep the 200 day MA as the stop now and look for the next trend target at the 1.00452 level. A move below that allows for the managing of the stop lower.
Oil prices are up about a $1 which is giving the CAD$ a boost. So is the increased expectation of more QE/stimulus from the US and EU, et. al.
