Forex

USDCAD tests the 200 hour MA as oil rise helps to send the loonie higher (USDCAD lower)


USDCAD find support against its 200 hour moving average

Crude oil is trading at its highest level since August 31

That move to the downside has now returned back to the 200 hour moving average at 1.3677. The low price just reached that level and found support buyers. The current price is trading at 1.37018 as I type.

So overall, resistance against old highs stalled the rally, while support against the 200 hour moving average stalled the fall. The levels now define the trading range for the pair with traders looking for the next break.



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Greg Michalowski
Greg Michalowski

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