{"id":1382,"date":"2021-06-16T14:43:48","date_gmt":"2021-06-16T17:43:48","guid":{"rendered":"https:\/\/wintrademarkets.com\/news\/?p=1382"},"modified":"2021-06-16T14:43:50","modified_gmt":"2021-06-16T17:43:50","slug":"usdcad-trades-to-new-lows-backs-off-from-double-top-but-still-above-100-hour-ma","status":"publish","type":"post","link":"https:\/\/wintrademarkets.com\/new\/2021\/06\/16\/usdcad-trades-to-new-lows-backs-off-from-double-top-but-still-above-100-hour-ma\/","title":{"rendered":"USDCAD trades to new lows. Backs off from double top but still above 100 hour MA"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Crude oil higher may be helping loonie.<\/h2>\n\n\n\n<p>The USDCAD is\u00a0trading to a new session low as\u00a0the market\u00a0may be reacting to the higher oil prices finally.\u00a0 The price also\u00a0stalled near a\u00a0swing high yesterday which\u00a0gave buyers cause for pause.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/az705044.vo.msecnd.net\/20210616\/2021-06-16_9-14-25aaa.jpg\" alt=\"Crude oil higher may be helping loonie.\"\/><\/figure>\n\n\n\n<p>Looking at the hourly chart, the high price from yesterday tested the high price going back to May 13 near 1.2202.\u00a0\u00a0Sellers leaned against that level and pushed the price back below another swing high going back to May 7 at 1.21927.\u00a0<\/p>\n\n\n\n<p><br>Today, the\u00a0price high stall ahead of that level I.21912.\u00a0The inability to get above that level &#8211; and\u00a0take a run at 1.2202 &#8211; turned buyers to sellers. The\u00a0pair is also running away from the 1.2178 level which is the\u00a050% midpoint of the range since May 4. The\u00a0last hourly bar stalled the high right near that level.\u00a0\u00a0<\/p>\n\n\n\n<p><br>Going forward, getting back above that midpoint\u00a0at 1.21785 would be a more bullish play by traders, with the 1.2202 double top also a key\u00a0hurdle to get to and through on a more bullish dollar run post FOMC. Move above those levels and the door remains open for further upside momentum.\u00a0\u00a0<\/p>\n\n\n\n<p><br>On the downside, the rising\u00a0100 hour moving average comes in at 1.21458.\u00a0\u00a0A move below that level,\u00a0and the swing area between 1.2132\u00a0and 1.2145 would be targeted (see green numbered circles).\u00a0\u00a0Move back below that area, and the price reenters into the up and down swing area that confined the pair for most of the time period starting on May 7.<br><\/p>\n\n\n\n<p>Crude oil prices\u00a0may also be\u00a0nudging the CAD higher as well. The price nearly reached $73 ($72.99 is the high). The\u00a0current price is at $72.62 up $0.50 or 0.69%. The price is trading at the highest level since\u00a0October 2018.<\/p>\n\n\n\n<p><em>Source:<a href=\"https:\/\/www.forexlive.com\/technical-analysis\/!\/usdcad-trades-to-new-lows-20210616\" data-type=\"URL\" data-id=\"https:\/\/www.forexlive.com\/technical-analysis\/!\/usdcad-trades-to-new-lows-20210616\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.forexlive.com\/technical-analysis\/!\/usdcad-trades-to-new-lows-20210616<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crude oil higher may be helping loonie. The USDCAD is\u00a0trading to a new session low as\u00a0the market\u00a0may be reacting to the higher oil prices finally.\u00a0 The price also\u00a0stalled near a\u00a0swing high yesterday which\u00a0gave buyers cause for pause. Looking at the hourly chart, the high price from yesterday tested the high price going back to May [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1333,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":{"0":"post-1382","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-daily-news"},"_links":{"self":[{"href":"https:\/\/wintrademarkets.com\/new\/wp-json\/wp\/v2\/posts\/1382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wintrademarkets.com\/new\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wintrademarkets.com\/new\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wintrademarkets.com\/new\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wintrademarkets.com\/new\/wp-json\/wp\/v2\/comments?post=1382"}],"version-history":[{"count":1,"href":"https:\/\/wintrademarkets.com\/new\/wp-json\/wp\/v2\/posts\/1382\/revisions"}],"predecessor-version":[{"id":1383,"href":"https:\/\/wintrademarkets.com\/new\/wp-json\/wp\/v2\/posts\/1382\/revisions\/1383"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wintrademarkets.com\/new\/wp-json\/wp\/v2\/media\/1333"}],"wp:attachment":[{"href":"https:\/\/wintrademarkets.com\/new\/wp-json\/wp\/v2\/media?parent=1382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wintrademarkets.com\/new\/wp-json\/wp\/v2\/categories?post=1382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wintrademarkets.com\/new\/wp-json\/wp\/v2\/tags?post=1382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}