USDCAD moves away from 100/200 day MA

Technical Analysis

Author: Greg Michalowski | usdcad

100 and 200 day MA at 1.3300

The USDCAD has moved lower today. Crude oil is up $1.22 today or 2.43%. The price of crude moved sharply lower yesterday, but got a late day boost after Saudi Arabia said that they would look to ways to stablize and turn the price around.

100 and 200 day MA at 1.3300
For the USDCAD, the pair has the 100 and 200 day MA at 1.3300 today. The high price moved back above those levels in both the Asian and London sessions.  Each break failed.  

The pair is down testing a neckline on a potential head and should formation. A move below should be more bearish.  A move below the 1.32655 (recent swing area) would help confirm the break.  The 100 hour MA and 38.2% at 1.32525 is another key target on more downside momentum.  With the two technical levels at the smae level, I would expect some stall at the area.  

If this dip area does hold support, the battle continues with the dualing daily moving averages continuing to be a tough nut to crack at the 1.3300 level. 

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