Technical Analysis

USDCAD extends to new highs. Decrease oil helps to weaken the CAD.

Fall beneath the 200 day MA is a failure

The USDCAD moved beneath its 200 day MA on Friday and prolonged even decrease at the moment. Then President Trump tweeted:

Fall below the 200 day MA is a failure

The CAD will be influenced by the value of oil.  The value moved at the moment from a excessive of $57.53 to a a low of $55.70 (at the moment commerce at $55.95) and that helped to weaken the CAD.

USDCAD trades ot new session highs as crude oil falls

The USDCAD moved larger (again above the 200 day MA at 1.3146 at the moment – see chart above).  Sellers began to cowl.

What subsequent?

The 100 hour MA (blue line) is forward at 1.3186. That can be a hurdle that the value must get and keep above.  

Final Thursday, the value moved above that 100 hour MA line however stallled on the 200 hour MA and 100 day MA (see chart). Like on the failure beneath the 200 day MA at the moment, merchants leaning agaiinst these ranges (and holding), was sufficient to show the consumers to sellers.  The crowds gathered there and stalled the rally (see my newest video HERE about leaning on mates and technical ranges).  

So consumers are again in management with the 100 hour MA eyed by merchants for the following clues. Get above and the 200 hour MA and development line can be eyed at 1.3220 space.  Keep beneath the 100 hour MA (and there must be some stall on the 100 hour MA) and the battle strains can be drawn with the 200 day MA beneath a key assist space.  

ForexLive


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