USDCAD tumbles in trading today. Higher oil helps to support the CAD.

We know

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 moving sharply to the downside in trading today. In the process, the price has moved below its 100-hour moving average at 1.3208, and its 200-hour moving average Moving average A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot Read this Term at 1.31917. Moving below those levels tilts the bias back to the downside. BTW, there was little in the way of resistance on the breaks of those moving average levels in trading here today. Sellers were strong. It would now take a move above each of those levels to tilt the bias back to the upside.

On the downside, the price is currently testing a rising trend line. Admittedly since the July 14 low, the high lows have been higher. More bullish.

Moving below the trendline and the low price from Thursday at 1.3157, would be a change in that pattern. The low price from last week (on Tuesday) reached 1.31458. Move below that level - and the low of a swing area at 1.3131 - and a rotation toward the low price from July cannot be ruled out.