The USDCAD is surging (decrease CAD) as the pair reacts to sharply decrease oil prices. The worth of crude oil is now testing the $73.00 stage, down over 4.5% on the day. The worth of oil has not traded this low since July 7.
Technically, the USDCAD has damaged above each the 100 and 200-hour transferring averages at 1.3751 and 1.37566 respectively. The worth can be above the 50% midpoint of the November buying and selling vary which admittedly has seen up-and-down volatility.
Nevertheless being above these ranges will increase the bullish bias for the pair. It would take a transfer under the 100 hour transferring common at 1.37512 tilt that technical buys again to the draw back.
On the topside, the excessive as we speak at 1.3776 is testing the low from Monday on the identical stage. Get above that stage and chairs will look towards the 61.8% retracement at 1.3795 (name it 1.3800)