USDCAD pares gains as crude turns negative

Technical Analysis

Author: Greg Michalowski | usdcad

Crude reached high of $58.22. Now trades at $57.35, down -$0.09

The price of crude oil fell from a high of $58.22 to a low of $57.20.  We currently trade around $57.35. The fall has helped to reverse the USDCAD. It is trading up ata 1.3210 currently after reaching a low of 1.31774.  The pair is still below the close from Friday at 1.3210 (closed at 1.3220 area).  The high from Friday reached 1.3229. The swing low going back to June 10th came in at 1.3238. Those will be targets on the topside now. 
 
Crude reached high of $58.22. Now trades at $57.35, down -$0.09

The low today did fall below a trend line, but the fall in oil helped to reverse that break (failed break).  

So a down and up day today for the USDCAD with price action seemingly influenced by the price action in oil

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