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The USDCAD is breaking higher as crude oil moves lower.
The price of crude is trading at $92.60, just off the low for the day. That is down over -$6 on the day or 6%. The price is below the low from last week at $93.05.
WTI crude oil breaks lower
Looking at the USDCAD, it is starting to see a reaction to the price declines and in doing so, has move up to test the falling 100 hour MA at 1.2831. The price has also moved back above a swing area between 1.2815 and 1.28214 (see yellow area and red numbered circles)
The price of the USDCAD has been able to extend above the 100 hour MA on a number of occasions last week and one brief break above the higher 200 hour MA on the FOMC rate volatility. Howevere, momentum faded on the break and the selling resumed.
If the price can get above the falling 100 and 200 hour MAs, there would be a more bullish bias technically.
USDCAD moves back toward its 100 hour moving average