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Alert - 15:55 (CET) - UsdCad
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The UsdCad is trading at 1.2309, ranging between 1.2284 and 1.2378. Checking the hourly graphics, we see that the 20- and 50-day EMA are over the 200-day EMA.
The resistances are at 1.2500 (key), 1.2847 (November 24th high) and 1.3000 (key). The supports are being watched at 1.2000, 1.1657 (October 11th low) and 1.1464 (November 5th low).
Once again, this session was very good for the loonie, as the crude barrel price climbed 3.44%. The traders are enthusiastic about the fact fact that OPEC is considering a drastic reduction in the crude extraction tomorrow. Canada is a crude exporter so the price swings of the energetic commodity affect the Canadian Dollar.
Meanwhile, the 60-minute RSI is at 44 points, rebounding from the oversold area. The volatility per hour could reach 110 pips. The current price is over the 61.80% (1.2100), and under the 100.00% (1.3990) Fibonacci retracement lines.
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