USDCAD moved to lowest level since March 1 this week.

The price of the USDCAD moved to the lowest level since March 1 this week. The lower USD on the back of the FOMC decision, and a run higher in the price of oil helped to strengthen the loonie. On Tuesday, CPI was stronger than expectations as well. Today, retail sales came in a little weaker than expectations, but prior month data was revised higher.

USDCAD moved to lowest level since March 1 this week.

The move higher today is now testing the corrective high from yesterday at 1.32205. The swing low from June 10th is above that at 1.3238. The 38.2% is at 1.32578. Those are targets on more strength It will take a move above the 1.32205 first to get more upside momentum. So far, sellers are leaning against the level (with stops above?).

Drilling to the 5 minute chart below, the pair has stepped higher today with the first leg higher holding the 50% at 1.31787 (see lower yellow area). The 2nd leg higher has the 38.2-50% of the move up at 1.3199-1.32039. Stay above, that area on a correction, keeps the buyers more in control intraday. The 100 hour MA (blue line at 1.31932 is rising but lagging behind the running market. It too will be a barometer for bulls and bears intraday (but lagging).

USDCAD is stepping higher on the 5 minutes chart....

Corrective buyers are making the play today.