Last close below was on March 1
The price of crude oil has tumbled lower. The current prices is at $58.14. That is down $3.29. The low price extended to $57.92.
At the low, the contract tested its 100 day moving average currently at $57.88 (and held).
Be aware. That 100 day MA gives sellers a level to lean against on the first look. Buy against the level. Sell on a break below.
PS. the USDCAD has already divorced itself from the fall in crude. It is off its high, helped by a lower dollar.
PSS.Although there may be some buying agaiinst the low risk level, the pair did finally break the 200 day MA today after bouncing off that level a number of times in May (see green line). So it is resistance at $60.44 now.
