Back above the 100 hour MA and trend line
The price of the USDCAD has moved to new highs as crude oil continues its tumble lower. The price of crude oil has now reached a new low of $60.62. It has bounced a little off that level and currently trades around the $61 level. That still down $-3.57 or -5.53%.
Looking at the USDCAD, the pair hs now moved above the 100 hour moving average at 1.24548 and a topside trendline at 1.24576. The high from yesterday at 1.2492 is the next target. Above that the high from Tuesday at 1.25008 and the 38.2% retracement of the move down from March 5 high at 1.25065 are all targets.
Risk is now the 100 hour moving average of 1.24548. Stay above and the buyers are content
and will look for more upside probing toward the aforementioned targets.
