200 hour MA stalls the rally at 1.25282
The USDCAD has been chopping up and down in trading today. The high was reached in the North American morning session at 1.25257. That was just below the 200 hour moving average currently at 1.25282. Stay below the 200 hour moving average, turned the buyers into sellers and the price rotated back toward the lows for the day at the nice round number of 1.2500 (current price at 1.2512).
With a low to high trading range of only 26 pips today (the average is 85 pips over the last month of trading), there is room to roam.
Get above the 200 hour moving average 1.25282 will have traders look toward the 100 hour moving average 1.25399 as the next hurdle. Yesterday the price tried to head back above that moving average on three separate hourly bars, with each break failing.
On the downside move below 1.2500, and a swing area between 1.24873 and 1.24921 would be the next major target on the downside. Get below it, and the low from last Thursday's trade at 1.24739 would be eyed.
Crude oil is trading near unchanged on the day at $69.26. The price has traded up and down as well today with the 200 hour moving average at $69.09 currently. The ups and downs in crude oil is playing into the ups and downs for the USDCAD as well.