Forex technical analysis: USDCAD trades near converged 100 and 200 hour MAs

Technical Analysis

Author: Greg Michalowski | usdcad

Threes a Crowd

The current price of the USDCAD is trading on top of the converged 100 and 200 hour MA. I call this dynamic Threes a Crowd. The price should trend away from the area. What might be the catalyst 

Crude oil prices are currently lower on the day at  42.08 (down 1.29%).  Crude oil inventories are out at 10:30 AM.  The market will have all eyes on that for sure. Watch for a run away from the MA lines off the data.  A move above the 1.3110 area should solicit more buying.  The high on Monday came in at 1.3151.

The USDCAD has been trading in a choppy up and down action as traders seem to be seeing a correction in oil (something that has not really happened yet).  On the fundamental front in Canada going forward, on Friday CPI and retail sales will be released.  

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose