Technical Analysis

USDCAD moves lower as oil ticks higher

USDCAD fall below 200 bar MA on 4-hour chart

The price of USDCAD has made a move below the 200 bar MA on the 4-hour chart at 1.3144, and now looks toward the 38.2% and the 200 hour MA at 1.32283. 

Helping the CAD (lower USDCAD) is that WTI crude is trading up $0.30 or 0.51% at $58.35. The private inventory data showed a larger than expected draw (once again). 

A move below the 1.31283 level would have traders look toward 1.31147 and the 50% at 1.31066 and then the 100 bar MA on the 4hour at 1.3098.  

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