The oil is tumbling down. Equities also drop in play of course
The BOC is expected to keep rates unchanged at their interest rate decision at 10 PM ET / 1400 GMT. Of course, there are a lot of other things happening with stocks falling and Crude Oil also falling (-2 $ or -5.08% to $ 37.57).
Technically, looking at the daily chart, the price has moved above a swing area at 1.3246 to 1.3265. The price also traded above a downtrend line at 1.3275. Watch the swing zone for support, a move below would take some steam off today’s upswing
Exploring the 4-hour chart below, today’s high price briefly extended above the 61.8% retracement of the downward movement from the September 30 high at 1.32899. Exceeding this level and staying above would encourage traders to look towards the 1.3323-1.3339 area. The 50% retracement of the downward movement from the recent swing high comes to 1.32499. This is near the lower swing zone of the daily chart at 1.3246. Moving below both would focus on the 200 bar moving average on the 4 hour chart at 1.3230 and then towards the 1.3210 area.