Technical Analysis

USDCAD not giving up on a test of the lows

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.

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