USDCAD above 100 bar MA on 4-hour chart for the first time since June 18

Technical Analysis

Author: Greg Michalowski | usdcad

First look above moving average in a month

The USDCAD has moved above the 100 bar MA on the 4-hour chart for the first time in a month (June 18). That MA comes in at 1.30828. Stay above now and the bulls are in control.

First look above moving average in a month
On the topside, the next targeet comes in at 1.30978 (call it 1.3100). That is home to the 38.2% of the move down from the June 21 high (a corrective high after the plunge on June 19/20.  That is the minimum retracement of the move down.  

Crude oil is now down $1.39 or -2.43% at $55.40. The contract is not far off the low at $55.33

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