USDCAD moves higher with lower oil

Technical Analysis

Author: Greg Michalowski | usdcad

Crude is down about -2% now

The price of crude oil is lower by close to -2.0% and that is helping to weaken the CAD.  However, there is a little rebound as I type. The low reached $51.26. We currently trade at $51.89. 

Crude is down about -2% now
The USDCAD is trading back near the highs for the day and near a swing high from Friday's trade as well. Those highs come in near the 1.3295 level - just below 1.3300 natural level. 

On Friday, the USDCAD fell sharply after the stronger than expected job creation (+66.8K vs expectations of +6.5K).  However, the low stalled just ahead of the 38.2% of the move up from the Feb low at 1.32289 and buyers reemerged (shorts covered).  

The pair is now sitting in a swing area from 1.3285-956.  So far, sellers are leaning against the higher level (helped a little by oil coming off).  Decision time for traders. 

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