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Forex technical analysis: USDCAD has cluster of support at 1.2892 today

Discussion in 'Technical Analysis' started by ForexLive, May 16, 2016.

  1. ForexLive

    ForexLive Forum Member

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    100 and 200 hour MA/50% retracement The existing home sales in Canada once again came out looking pretty good at +3.1%. The better data has taken the USDCAD down a bit. Overall, the pair has been more negative for the day after an earlier rise to levels above the highs from Friday, failed. Crude oil prices are trading higher today at $47.41 /+2.62% on the day. This too should help the loonie (weaken the USDCAD).

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