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Corrects back toward the close
The USDCAD got within 20 pips of the years high at 1.34559 in trading today before reversing lower and moving back toward the closing area from Friday.
The pair has been chopping up and down over the last few hours of trading - hanging below the 100 bar MA on the 5- minute chart and also the 50% (there was one bar close above the 50%) of the trend move lower (from the day's high). The intraday tide changed when the price moved back below the 100 bar MA (blue line in the chart below). Admittedly, traders may be a more bearish, but the selling will need to get below the close from Friday and then the 100 and 200 hour MAs (at 1.3318 and 1.3309 respectively) to increase selling momentum. Those are the next key targets.
Oil prices are higher on the day (up 1.12% to $42.30). The high peaked at 42.75. The low was $40.41. Last week oil priced dipped below the $40 level for the first time since August but quickly rebounded.
