Runs away from 100 day MA
Crude oil futures are down about 7% in trading today and in the process are running away from the 100 day MA which was broken on Thursday and remained below yesterday (see blue line in the chart below).
Oil prices have been in a narrow trading range for a few months (see chart below) until the break out last week and trend move today. The low from March extended to 48.71. The low from April was 51.30. These would be targets going forward.
The USDCAD has been supported in trading today and moves toward the high for the day as I type. There have been some swing highs in the USDCAD between 1.2665 and 1.2694. The highs for the year 1.2783 on March 31st, 1.2797 on January 30, and 1.2833 at the high for the year on March 18.
