USDCAD On Defense as Crude Oil Inches Higher
USDCAD trades 0.02% higher at 1.3264 as the pair continues trapped between the 50 and 100 day moving averages. The momentum is positive for the pair, having the daily high at 1.3263 and the daily low at 1.3250. Crude oil, Canada’s main export product is 1.66% at $55.72 per barrel. The USD index is trading lower as the US trading session takes shape.
Bulls and bears fighting to take control of the short term trend as the pair trades in just 20 pips range, and above and below the hourly moving averages. Today the pair spent most of the day below all the major hourly moving averages. On the downside first support stands at 1.3250 today’s low and then at 1.3180 the 50 day moving average. Immediate resistance for the pair stands at 1.3276 today’s high, and then at 1.3313 the high from August 8th. Long positions might be safe as long as the pair trades above the 1.32 mark.