USD/CAD moved beneath the 100-hour shifting common earlier
Sellers managed to interrupt the near-term bullish bias earlier right now because the loonie is holding up effectively on the day benefiting from a better transfer in oil costs. Oil is up by greater than 1% on the day close to the highs now, with WTI crude sitting at $53.84 and that’s maintaining the loonie underpinned forward of European buying and selling.
In flip, a weaker greenback is not serving to USD/CAD patrons and we noticed value transfer beneath the 100-hour MA (pink line) in Asian buying and selling earlier. Help is seen round 1.3309-19 now with additional help seen close to the 1.3300 deal with in addition to the 200-hour MA (blue line) @ 1.3298.
Wanting on the larger image, the rebound in USD/CAD for the reason that begin of the month – after bouncing off the 100-day MA (pink line) – seems to be operating into resistance from the 38.2 retracement degree @ 1.3365.
The Venezuela political scenario is an outlier in the mean time that might hold oil underpinned within the near-term and in that lieu it additionally give the loonie a little bit of a lift. Regardless, it is laborious to disregard the technical image as effectively and a break again beneath 1.3300 will assist to reinvigorate sellers to push value additional again down.
The July excessive @ 1.3290 will probably be a key degree to be careful for by way of a day by day help in any additional draw back transfer so hold an eye fixed out for that later right now.