USDCAD moves higher as oil give back some of its gains
USDCAD trades mid-range
The USDCAD is rebounding off the lows as oil gives up some of its gains on the back of the oil tanker attack.
The price is currently trading near midrange of the move down from yesterday's high (see 5-minute chart below). The midpoint comes in at 1.33217. We are just below that level now. On the 5 minute chart, the price is also trading between its 100 and 200 bar MAs (blue and green lines) at 1.33159 and 1.33248. The market is trying to find its next move.
Taking a broader look at the hourly chart below, the price rise yesterday stalled just ahead of the 100 hour MA. That MA and level, was also near the levels just before the better than expected jobs report from Friday. Finding sellers against that level made sense as risk could be defined and limited. NOTE: the 200 hour MA AND100 day MA is now at the same level at 1.33468. KEY LEVEL if retested. Look for sellers again with stops on a break above.
On the downside now, the fall today could not get to the lower trend line or the broken 100 hour MA (blue line at 1.32868). Those levels will be eyed for support on a dip today.
We trade midrange and between the upper and lower support and resistance areas. Traders may resort to the 5 minute chart (and the 100 and 200 bar MAs) for trading clues in the midrange area.