USDCAD extends to session lows.

17 June 2016, 16:11
Sherif Hasan

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).

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