USDCAD Rejected at 200 Day MA
USDCAD trades 0.09% higher at 1.3293 despite higher oil prices. The United States EIA Crude Oil Stocks Change came in at -10.027M below expectations of -2.112M on August 23. The data boosted Crude oil, Canada’s main export product which is adding 1.82% at $55.93 per barrel. In the US the MBA Mortgage Applications came in down to -6.2% in August 23, from previous -0.9%.
The positive momentum resumed today for the pair after yesterday’s slump which send the price down to two-week lows. The pair as of writing finds support at the 100 day moving average after failure to breach above the 200 day moving average at 1.3310. Sellers if they want to take control must break below 1.3279 the daily low which will open the way for a visit down to yesterday’s low at 1.3224. Immediate resistance for the pair stands at 1.3317 today’s high, and then at 1.3382 the high from June 19th. 1.33 is the critical point where bulls and bears are fighting, the sentiment is changing when the price breaks above or below.