Crude oil moves toward $47
The USDCAD took off to the upside – moving away from the converged 100 and 200 hour MAs in the process (blue and green lines at 1.3348 area). The price raced up to the 1.3400 area (the high reached 1.34028). In the process, the price extended above a trend line resistance line at 1.3385. The price is down retesting that line. The level also corresponds with the highs from Friday’s trading. Crude prices are down about -$0.80 or 1.67%. That – and the technical move away from the MAs – seems to have helped the pair push higher.