Moves away from 100 hour MA/Below 50%
The USDCAD has moved to new session lows. The price of oil is on the rebound moving up from below $46 earlier today. The price is currently trading at $47.18
Looking at the hourly chart, the price sits between the pairs 100 and 200 hour MAs at 1.2887 and 1.28125 respectively. FIbonacci retracements narrow that up a bit between 1.2872 and 1.2822.
Traders may now look for those more narrow extremes for trading levels Already, the sellers came in on a break of the 50% level after initially holding the level just before the 8:30 AM economic releases. The second look was not as supported (see 5- minute chart below).