Key trend line and 100 day MA eyed
The USDCAD is trading at new session lows as the USD moves lower.
However we are approaching the next key support level. That comes in against an upward sloping trend line at the 1.32187 level currently (and moving higher). Below that is the 100 day MA at 1.3191 and the 50% retracement at 1.3175 create some key support levels.
Those levels are spread out but each is fairly important. I would expect that traders will lean against the levels but I also expect that the buyers against support will likely keep a short leash on any buys.
PS the OPEC non member meeting will take place over the weekend (Dec 10th). More cut backs of production should keep oil supported (one would think). Crude oil futures are lower today at $50.50 (down -$0.43 or -0.85%). The low did extend to $49.81. So there is a rebound. Technically, the Crude oil futures moved below the 100 hour MA at $51.08 but remains above the 38.2% of the move up from the November 29th low and the 200 hour MA at $49.07. Those MAs will be eyed going forward for bullish or bearish bias. Typically, the USDCAD will react to oil.
