Putin comments sends oil lower and with it the CAD
The USDCAD has moved higher, helped by lower oil after Putin’s comments earlier (see post here).
The run higher took the price racing above the 100 and 200 bar MA on the 5-minute chart at 1.32999 and 1.33056. The high reached 1.33188. That was just short of the 100 day MA at 1.33191 and the earlier high for the day at 1.33186.
Sellers are leaning against the key MA level. I would expect that if broken, the sellers would give up and cover.
On the downside, the aforementioned 200 and 100 bar MAs will be eyed as support now.
Taking a broader look at the hourly chart below, on a break higher the 38.2% retracement of 133.20 will be eyed.