Crude oil prices rise a bit. Technically USDCAD moves below 100/200 hour MAs
The inventory data for Crude oil perhaps did not have the build expected and the price of oil has moved up a bit to $42.40. It is still down on the day but it is off the lows.
The USDCAD has moved lower (higher CAD) over the last few minutes and has moved back below the 100 and 200 hour MAs (blue and green lines in the chart above). The price today has been able to get above those MAs, but stalled at the 38.2% of the move down from the high this week at the 1.33386 level (see chart above). There have been no hourly closes above the higher 100 hour MA (at 1.33279).
Traders may now take clues from that development and lean against the 100 hour MA as a risk defining level. On the downside, if the momentum can be sustained, the 1.3297 may be the limit for the day. We are working into the London/Europe close and traders in NY/North America may start looking for the Thanksgiving Day early exits for some last minute shopping before the feast.
