Oil prices up. Month end volatility impacting as well
The USDCAD has fallen back down after rising in earlier North American trading.
The pair at the highs extended briefly above a trend line connecting the recent highs. That did not hold up. Oil prices are up today and so is market volatility in the last hour or so and that has helped lead to a move back lower. The price is currently trading back below the 100 hour MA with trend line support at the 1.3228 level the next target. Below that is the 200 hour MA at the 1.3209. The low in the 1st hour of trading today came in at 1.32068. Are we heading for a complete day lap in the USDCAD. It is starting to look that way.
PS. EURCAD has tumbled as well after failing on a move above the 200 hour MA at the 1.4951 level (the high reached 1.4975)
