Oil is down -$3.50 but USDCAD is lower by -1.34% (CAD is higher).

Riddle me this...

Why is the CAD CAD The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i Read this Term higher if the price of oil is down sharply?

The CAD usually moves lower (USDCAD higher) with lower oil. Now that may not always be the case of course, but with oil a prize commodity, the Pavlovian reaction from traders is oil down, CAD down (USDCAD up).

The price of crude oil fell from over $81 yesterday to a low of $72.94 today (currently trades near the low at $73.58). Yet the USDCAD USD/CAD The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh Read this Term is trading to a new low and is down -1.34% today (CAD higher). HMMMM.

Looking at the hourly chart the price is testing the lows from last week down to 1.3483. Below that, the rising 100 day MA comes in at 1.34558. The price has not traded below the 100 day MA since back in August 2022.

Will buyers lean against the lows/100 day MA?

If so, a move back above 1.3510 would be eyed to take some of the technical pressure off.