USD/CAD nears the 55-day moving average as gains accelerate

Technical Analysis

Everything is going wrong for the loonie today

The combination of risk aversion and a slump in oil prices has sent USD/CAD soaring in the past two days. Crude is near the lows of the day down $1.85 to $52.15 while US stocks slump on worries about a trade deal with China.

Democrats in the House are also talking about changes to the new NAFTA deal.

USD/CAD is up 96 pips on the day to 1.3313. The pair cut through the 100-day moving average earlier today and is now nearing the 100-dma at 1.3347. Look for that and the late-January high of 1.3375 to cap the current move.

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