Crude higher is helping
The price of crude oil settled up 1.94% and although the price is a little lower, the move higher today has helped the loonie (weakened the USDCAD). As mentioned in a previous post, although the 100 hour MA was breached to the upside over the last three days, a trend line did a good job of stalling the rallies.
IF you can’t go higher, you go lower.
The pair is back down testing the low from last Friday at 1.3059. A break increase the bearish bias with lower trend lines at 1.3026 and 1.3013.