Price trades above and below the 100/200 hour MAs but stalls at ceiling and floor.
The USDCAD took the pair higher on the back of the weaker retail sales in the US today. However, the pair moved toward a swing area at 1.31157 to 1.31235, and found sellers. That area is now the close ceiling going forward.
Earlier in the Asian and London morning session, the pair stalled near swing lows from yesterday near 1.3063 level. That helped to solidify the floor for trading.
So the 60 pips range between 1.3063 and 1.31235 defines the trading range. In between those extremes are the 100 hour MA above at 1.31018 and the 200 hour MA below at 1.30667. The current price is now below that 100 hour MA at 1.31018 at 1.30945.
Looking at crude oil, the price is down -$0.44 at $40.90. The low reached $40.57. The high was up at $41.69. Lower oil tends to weaken the CAD (higher USDCAD).
Stocks can also impact the commodity currencies including the CAD. Stocks are lower today but off lows as well.
