Oil prices trading above $37.15 +2.34%
The USDCAD has gotten caught up in the USD rally today and pushed higher. There was also a report that the housing market vulnerabilites was moving higher. However, the pair has started to divorce itself a little from the USD strength as oil prices trade up 2.34% and above $37.00.
Looking at the hourly chart, the price is near closing levels. At the high, the pair has found sellers BUT - let's not see things that are not there - I see lows that need to show some willingness to break and stay below technical levels. A move below the trend line (and staying below) and then the 100 hour MA (blue line) will be eyed as confirmation. Until then the sellers are selling against the high, there may be a little divorce from the USD, but heck...oil is up from below $35 to above $37 and we still are near the 11 year highs. You have to show me more...
