100 and 200 hour MA at 1.3076 to 1.30891
The USDCAD has moved lower today as traders react positively to the Moderna news by bidding up the CAD (USDCAD lower).
The price of crude oil is up around $1.50 or 3.84% to $41.67 which has also provided a tail wind for the loonie today. It is fighting with AUD and NZD as the strongest of the major currencies today.
Technically, the pair has moved down to test the 100/200 hour MAs between 1.3076 and 1.30891. The price over the last 5 hours has seen the price action trade above and below the MA level. It will take a momentum break in either direction to tilt the bias more in the direction of the break.
Overall, the sellers are more in control. Should support be broken, the 50% retracement of the range from last week comes in at 1.30497. That would be the next key downside target.
