USDCAD stretches to new highs. AUDUSD little changed in up and down day.

Crude oil/commodities under pressure

USDCAD

The September WTI Crude contract settles today and will be replaced by the October contract tomorrow. The October contract is trading at a premium to the September contract. The September is trading at $47.06 while the now more active October contract is trading at $47.63. Regardless, each are down about $1.45 on the day. That is helping to support the USDCAD.

The pair has extended to new session highs in the last hour and in the process moves further away from the 100 day MA at the 1.2929 level. The next target remains the 1.2981 level which is the 50% of the August trading range.

AUDUSD

In other commodity pairs, the AUDUSD is little changed on the day (closed at 0.7624 on Friday and is trading at 0.7627 currently). The pair was down earlier in the day - falling below trend line support (see hourly chart below but could not extend much below the 50% retracement of the move up from the JUly 27th low. That level comes in at 0.7587 and the low for the day reached 0.7583 (4 pips from that 50% level).

On the corrective move higher, the pair is finding overhead resistance near the 0.7635 target. This was a swing high from early August,a swing low from August 15. Today the pair stalled at 0.7639

NZDUSD

The NZDUSD has taken a similar track to the AUDUSD (down, up and now back lower). Like the AUDUSD it is close to unchanged at 0.7270 vs the close at at 0.72635.

At the low today, the pair fell below a lower trend line (from the July 25th low), tested the 50% of the move up from August 5th (at 0.72036) and the 100 bar MA on the 4-hour chart near the same level. The low reached 0.7209. Couldn't get below that target and the price started to move higher.

On the move higher, the pair moved above the 100 hour MA at 0.7262, and above a topside trend line. Like at the bottom, the trend line break failed and the price is back lower. THe 100 hour MA is now support but traders need that upside break above the topside trend line to prove the buyers can keep the momentum going. ON the topside, the 0.7308 level is another tough nut to crack. This thing can easily reverse if the momentum higher can not be sustained. Be aware.