USDCAD moves to new highs. Breaks some technical levels

Technical Analysis

Author: Greg Michalowski | usdcad

Oil down

The USDCAD has moved to new session highs (at 1.30258). The move has been helped by breaks of some levels on the 4- hour chart below).


Looking at that chart, the price moved above the 200 bar MA and a trend line at the 1.2994 area.  It has also cracked above the 50% midpoint of the move down from the September high.  The 1.3010-14 is a swing area over the last three weeks (see red numbered circles) and that has been broken as well.  

If the price can stay above these levels, the 100 day MA at 1.3056 would start to be eyed. 

Crude oil just settled at $73.17 down -$1.79 or 2.39%. That may be contributing some to the CAD weakness.  

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