Trades on the lowest level since November 4
The USDCAD has fallen out of bed. The price is trading at the lowest levels since November 4. Oil prices are surging - helped by the weaker dollar and trades at $38.45 - down 5.94%
Looking at the daily chart above, the next key target ON THAT CHART, comes at 1.3036 and then the 61.8% at 1.2977. They are still 100 pips minimum away. So we are in a congestion area with little to grasp onto (at least looking at the daily chart). What can be said, is the price is moving away from the 50% retracement and the 200 day MA at the 1.3304 level. That is more bearish for the pair going forward.
Where is resistance now?
The low from Friday came in at 1.31665. This is close resistance now. Other resistance (risk for shorts) comes in against the 1.3201 level. Looking at the 1 -minute chart below, it is near the 38.2% of the trend move lower (and near a nice round number.
Should the selling continue and work to a crescendo today, the 1.3072 is the lower trend line on the 4-hour chart below (this is the closest downside target now). This line has been tested a number of times and each time, it slowed the decline (see chart below).
Other commodity pairs.
The NZDUSD has surged back higher and just broke above trend lines resistance at the 0.6714 level (see chart below).
The AUDUSD has also surged and trades above the 0.7527 level that was the high price from March 9th and the high corrective price from yesterday. That is now support/risk for the longs/buyers. The high this week (and high price going back to July 2015) comes in at 0.7593.