Dip to the 100 hour MA stalls the fall
The USDCAD raced higher yesterday as oil prices tumbled lower and the USD was bid on the back of sharply lower equities.
Today, the price of oil has stabilized/moved higher a bit. The stock market has also stabilized (but is now trading lower for the Dow and S&P and is at new session lows).
The USDCAD moved lower today on the corrective moves, but did find dip buyers near the pairs 100 hour MA (blue line in the chart above currently at 1.3157). The subsequent move to the upside has taken the price back above the 200 hour MA at 1.31675. Both those moving averages are now support. Stay above keeps the buyers in play/ control intraday. A move back below weakens that picture.
Yesterday, before breaking higher, the USDCAD stalled near the 200 hour MA. On Friday, the pair also stalled near that MA line (see green line in the chart above). The break led to increased buying and the push to the high at 1.32247. That MA will now be eyed as close support again.
