Intradday ceiling at 1.4488-90
The USDCAD is waffling up and down with a ceiling at the 1.4488-90 area. The low today did move below the 100 hour MA at 1.4390 (blue line in the chart below), but the price is trading back above on the failed break.
The price did move below that moving average level on Friday as well, but could not sustain the downside momentum. The low on Friday bottomed near the low from March 18 and the 38.2% retracement level (at 1.41546). On the downside, should the 100 hour moving average be broken (and stay broken), the 38.2% retracement and rising 200 hour moving average currently at 1.41274, would be downside targets.
For now, however, the buyers remain more in control with the price back above the 100 hour moving average. The ceiling at the 1.4488 – 90 is the next upside target.
PS. Crude oil futures are trading above and below the unchanged level in the near-term at $22.50. That's down $-0.13 or -0.57%. The high price extended to $23.64. The low fell to $20.80. Sharply lower oil prices has helped to weaken the loonie, as has the stronger US dollar.