Yesterday's 5%+ fall in oil, sent USDCAD higher but sellers trying to take more control again

The price of crude oil tumbled yesterday after OPEC agreed to extend production cutbacks for an additional 9 months. Sounds bullish for the price of oil, right? The problem is it was largely anticipated and the technicals in crude started to turn more bearish. Looking at the daily chart below, the price fell below the 100 AND 200 day MAs. The 200 day MA is at $49.52. The high today has reached $49.32 (trades at $49.20 currently). Stay below is more bearish. On the downside, the $47.76 is trend line support. That trend line was broken in early May, but then reestablished as support (red circle 4). A move below that trend line will be more bearish technically.

What about the USDCAD?

That pair was influenced to the upside (weaker CAD) in trading yesterday. The price moved up to a topside trend line on the hourly chart and stalled. In Asian trading today, that trend line was broken and the price moved up to test the 38.2% of the move down from the May 18th high AND the the 1.3500 natural resistance level. Sellers entered (high reached 1.34966).

What now?

The price has reestablished the trend line as resistance (close risk for traders). Stay below and the sellers remain in full control.

Market action is more choppy. The 1.34287 is a target below on the chart, followed by 1.3404.

Will it need oil to go higher and above the 200 day MA? It should help, but the technicals on the USDCAD are also fairly clear now.