USDCAD tests low swing area

Technical Analysis

Author: Greg Michalowski | usdcad

Swing area in 1.32533 to 1.32622

The USDCAD has continued the move to the downside after failing when the pair extended above the highs from November and December at the start of the week.

Swing area in 1.32533 to 1.32622
The fall has now moved below a swing area at 1.32533 -622.  One more downside momentum, the pair will look toward a test of the broken 200 day moving average at 1.3225 and the rising 100 bar moving average on the 4 hour chart (blue line at 1.3218) and the 38.2% retracement 1.32164.  

Helping to strengthen the Canadian dollar is the price of oil which is currently up $1.21 at $51.16. However the price has moved off the highs for the day at $51.73 after a strong crude oil build of 7.459M this week.

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