USDCAD getting closer to 100/200 day MA as oil price reverse and trade lower
The USDCAD is trading to a new session high as crude oil price trades negative, weakening the CAD in the process (USDCAD higher). The pair is also trading at the highest level since June 20. The move to the upside is looking toward some key upside targets on the daily chart including the:
- 50% retracement at 1.32896
- 200 day moving average at 1.3297 and the
- 100 day moving average at 1.3302
The price is currently trading at 1.3273.
Drilling to the hourly chart below, a topside trend line was broken on Friday but it failed quickly. That trend line comes in at 1.32815.
The point is, although marching higher, there is a good amount of overhead targets to get to and through in the USDCAD.