Out of synch with oil
The price of the USDCAD has moved down to test the 100 hour MA at 1.30703. The run lower (higher CAD) is running counter to the price of oil which has slumped in trading today. The price of crude is currently down -$1.57 ro -3.8% at $39.79.
Watch the level for support buyers, with stops if the price starts to trade more comfortably below the MA level.
This article was originally published by Forexlive.com. Read the original article here.