USDCAD consolidate below the 200 day MA today

USDCAD consolidate below the 200 day MA today

Crude oil was lower. Now back to unchanged

The price of crude oil moved lower in earlier trading but has seen a rebound higher over the last few hours as the prospects of a Syrian strike increases (or so it seems). 

The CAD has seen the a move higher this week (lower USDCAD).   Looking at the hourly chart above, the price move took the price from the underside of the broken trend line at the start of the week.  On Tuesday, the price moved below the 100 day MA and the 200 day MA. 

Today with the corrective move lower in the price of crude oil, there was a modest rebound in the USDCAD (lower CAD), but the pair was able to stay below the 200 day MA.  

Admittedly, the pair is seeing more up and down. A broken trend line on the downside was rebroken, and the price has traded above and below that line.  Overall, the sellers remain in control though if the price can stay below the 200 hour MA. That’s a close risk level for traders who remain short.

PS. the consolidation has allowed the 100 hour MA to catch up. That MA is at 1.26599 and moving lower.  On a move higher, that MA will also be eyed for corrective clues.

PSS Below is the crude oil chart. The price decline today moved toward the Tuesday high and swing low from yesterday, but stalled ahead of each of those levels.   So crude is keeping the “war” tension in the price.  A move below the $65.60-85 area would be more bearish (bearish for CAD). 

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