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CADCHF – Breaking Down Headed for 74 Cents
The big story today was oil. Crude prices dropped nearly 2.5% today, driving CAD lower. Both crude and the Canadian dollar fell to 3 month lows as concerns about supply continued to weigh on prices. According to a recent report by market intelligence firm Genscape, inventories rose by 1.1 million barrels at the oil base in Cushing, Oklahoma. The slowing demand for oil products and the increase in oil rigs compounds fears for many oil traders and oil looks prime for further decline.
Technically, CAD/CHF has closed below the 100-day SMA for the first time since April. This signals a stronger move lower that should take the pair down to the 200-day SMA at 0.7410. If the pair recaptures today’s high at 0.7530, which would take it back above the 10day SMA, the trend will shift completely. There are some spike lows near 0.7420 to be wary of.