Maybe. At least is a siesta day. North American session: 34 pips
The USDCAD is stalling at slightly lower price even though oil prices are down by -2.44% today to $40.73(low at $40.58. High at 42.03 for the December futures contract).
The pair today tested the 100 hour MA no fewer than on 5 hourly bars (see blue line in the chart below). There was one dip below (barely). The last hourly bars kept a distance but was not able to extend to new session highs (above 1.3331).
The high today was lower. We are lower on the day despite oil weakness. Is the market getting tired? A break below the 100 hour MA will be clue one. The trend line and 200 hour MAs would be clues 2 and 3. A move above the 1.3331 level would be clue number 1 for an upside continuation.
We will see.....
