USDCAD close to a new session low

Technical Analysis

Author: Greg Michalowski | usdcad

Tests the low price from yesterday at 1.3523

The price of the USDCAD has moved to a new session low and in the process is testing the low from yesterday at 1.35235. The low price just reached 1.35233. The low from Monday straight reach 1.35185. The 50% midpoint of the move up from the June 9 low comes in at 1.35146.

Tests the low price from yesterday at 1.3523_
Looking ahead, the 200 day moving average currently comes in around the 1.3500 level. That is also a natural support level.  

Despite the large build in crude oil inventories, the price of crude oil is currently trading up $0.24 or 0.59% at $40.85 for the August contract. That is near the highs for the day and may also be helping to strengthen the loonie.
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