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Alert - 16:50 (CET) - UsdCad back to 1.20, as the crude barrel declines
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The UsdCad is trading at 1.2028, ranging between 1.1891 and 1.2047. On the other hand, the price is over yesterday's close at 1.1943. Checking the hourly graphics, we see that the 20- and 50-day EMA are under the 200-day EMA.
The resistances are at 1.1894 (November 4th high), 1.2379 (October 31st high) and 1.3000 (key). The traders are also watching the supports at 1.1464 (November 5th low), 1.1000 (key) and 1.0724 (23.60% retracement).
This session, the loonie is losing ground against the Dollar, as the crude barrel price is losing the 60 dollar key support. The perspectives of a global recession worse than expected is triggering the speculation that the demand for the energetic commodity will be worse than expected. Also, the traders are waiting for tomorrow's reading of the crude demand, by the International Energy Agency.
Meanwhile, the 60-minute RSI is at 70 points, oversold. The volatility per hour could reach 190 pips. Checking the daily graphics, the current price is slightly over the 38.20% (1.1765) and over the 50.00% (1.2589) Fibonacci retracements.
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