USDCAD also trades below the swing lows from Thursday/Friday

The USDCAD is trading back below the 100 hour MA at 1.32852 and below the swing lows from last Thursday and Friday at 1.32776 area. Sellers are taking more control. 

The CAD is being helped by higher stocks in Europe and North America. The price of crude all has also moved back into positive territory after plunging to the lowest level since May 28 earlier in the session. The low price reached $33.64.  . The high price has since rebounded to $36.28. The current prices just under that level at $36.19 up 1.03% on the day.

For the USDCAD, the next target is the 50% of the move up from the October 21 low. That level comes in at 1.33248.  The rising 200 hour MA will also be eyed at 1.31198 on further weakness.   

Sellers are taking back control. The 100 hour MA at 1.32852 will be a risk defining level for the sellers now. Stay below keeps the sellers in control.  A little closer risk is the 1.32776 swing lows from Thursday and Friday.   

For bank trade ideas, check out eFX Plus



Source link