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Alert - 17:30 (CET) - US Dollar is strong against the Canadian Dollar
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The decline of the crude barrel to levels, close to the psychological barrier of 50 dollars, made the loonie lose ground against the US Dollar, now at three week lows.
The production of oil accounts for 8% of the Canadian GDP and its performance is strongly tied to the Canadian Dollar evolution.
Also, the US stocks opened in the red, pushing the European currencies with it. This renewed the appetite for safe haven currencies, like the US Dollar, prompting the loonie traders to sell it.
The UsdCad is trading at 1.2867, ranging between 1.2517 and 1.2937. Checking the hourly graphics, we see that the 20- and 50-day EMA are over the 200-day EMA.
The resistances are at 1.2900 (key), 1.2991 (October 28th high) and 1.3000 (key). It seems the pair found a hard to break support at 1.2100 (key). The traders are also watching the supports at 1.2000 (ley) and 1.1464 (November 5th low).
Meanwhile, the 60-minute RSI is at 80 points, rebounding the overbought area. The volatility per hour could reach 400 pips.
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