Crude oil falls and USDCAD reverses on Saudi headline
The headline that Saudi Arabia mulls quitting role as co-chair of OPEC+ JMMC, sent the price of crude oil lower, and the USDCAD higher (lower CAD).
Also playing a roll in the USDCAD bounce was the failure on the break below the lower trend line at 1.2930, and the November low at 1.29274. The low price reached 1.29226 before failing and racing back higher.
The move to the upside reached 1.29933. That was just short of the day's high at 1.2996. Getting above the high and the 100 hour MA not far from that level at 1.29985 would be the next upside targets for the pair. The USDCAD price has not traded above its 100 hour moving average since November 24.
