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Forex technical analysis: Oil rises, USDCAD lower?

Discussion in 'Technical Analysis' started by ForexLive, Mar 7, 2016.

  1. ForexLive

    ForexLive Forum Member

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    But key technical area lies ahead Brent crude made it above $40. US Crude oil futures traded near $37.50 - the highest level since Jan 3rd. That has led to the USDCAD reversing and moving to new session lows. It is also pushing the USDCAD toward key support at the 50 % of the move up from the May 2015 low.That level comes in at 1.3304. Below that the 200 day MA at the 1.3282 level looms large. The price of the USDCAD has not traded below the 200 day MA since September 19, 2014. That is a long time ago. The low just traded at 1.3301.

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