USDCAD moves higher as Oil/Commodities fall and eyes key upside resistance targets
globalreutersSeptember 3, 20241 Mins read The USDCAD is moving higher as focus for that pair is on the fall in commodity prices including the price of oil and the risk-off flows due to tumbling stocks in the US.
Technicals have also played a role in the USDCADs rise to the upside after earlier in the day, the price moved back above the 200-hour MA for the first time since August 6th (and based against that MA before racing higher). The price has reached the broken 50% midpoint of the move up from the end of December low at 1.35612, and backed off a bit. The next key target from increased momentum would look toward the 1.3590 area where swing lows from earlier this year stalled fall, and also where both the 100 and 200 bar MAs on the 4-hour chart are converged. Be aware of that area not only today, but going forward.
I explain it all in the above video.
This article was written by Greg Michalowski at www.forexlive.com.
Related Articles
European indices marked lower at the open today
Eurostoxx -0.6%Germany DAX -0.5%France CAC 40 -0.8%UK FTSE -0.4%Spain IBEX -0.3%Italy FTSE...
France October final CPI +1.2% vs +1.2% y/y prelim
Prior +1.1%HICP +1.6% vs +1.5% y/y prelimPrior +1.4%Core annual inflation was unchanged,...
Switzerland October producer and import prices -0.3% vs -0.1% m/m prior
Looking at the breakdown, producer prices were down 0.3% while import prices...
China has shifted from population increment to a decrease, says president Xi
Necessary to establish, improve fertility support policies to promote long-term population developmentEfforts...
Leave a comment