Oil trades at session lows
Oil prices are falling to session lows and that has the USDCAD moving to the upside (weaker CAD). Oil is trading at near session lows at $36.83 - down 3.45%.
Technically, the pair moved above trend line resistance and the 100 hour moving average at the 1.3063 level. The surge extended briefly above the 200 hour moving average currently at 1.31256 (the high reached 1.3133). Some selling has come in against that level. The price currently trades at the 1.3110 area.
The holding near the 200 hour MA, is giving traders some cause for pause. Sellers/profit takers have slowed the rise against the risk defining area.
On dips now, look for the 1.3075 (50% of the move down from the March 25 high) to solicit buyers with stops below the 100 hour MA (blue line in the chart above) and the broken trend line at 1.3063.
