USD/CAD is back to flat levels on the day
Oil is slipping back further into negative territory on the day, down by 0.5% now to $51.85 as European equities moved lower earlier as well. That's helping to see USD/CAD move higher as price turns flat on the day while still sitting between the two key hourly moving averages.
Buyers are still finding it difficult to move above the 200-hour MA (blue line) and failure to do so is stopping the pair from finding a near-term break higher.
There's also daily resistance from the July high @ 1.3290 that's helping to cap the upside momentum for now. However, sellers aren't really in the driver's seat either. Price is barely able to find its way back under the 100-hour MA while the 100-day MA @ 1.3192 is still helping to limit a move to the downside since last week.
The latter is the key level that sellers will have to break below in order to extend a move to the downside. For now though, the 100-hour MA @ 1.3255 and the near-term trendline support around 1.3250 will help to act as support levels followed by the 1.3225-30 region.
Movement in USD/CAD as of late has been tied heavily to oil and with oil prices still left stranded just above the $50, it's not helping to give much directional movement to the loonie as well. As it stands, a technical break on either side of the 200-hour MA or the 100-day MA would signal the next directional move in USD/CAD. Until then, ping pong away.
