100 hour MA at 1.2501. Crude oil and CADJPY weakness contributing to the lower loonie.
The price of the USDCAD has been able to take a look above its 100 hour MA at 1.25015. The high price reached 1.2511. The current price is at 1.2504.
As mentioned in an earlier post, the price rise has been helped by increased selling in the price of oil. The low for the day for crude oil futures reached to $70.54. The current price is trading at $71.21. However that is still down $2.43 or 3.31%. Concerns about the Delta variant is weighing on the price of crude oil.
The CADJPY is also a contributor to the move lower in the CAD (higher USDCAD). Looking at the hourly chart, the price fell below the near converged 100/200 hour moving averages near 87.742 and selling intensity increased. The low price has extended to a 87.262. The 38.2% retracement of the move up from the July 19 low comes in at 87.19. That is the next downside target.