Trend line and 100 hour MA catching up.

The USDCAD is mired in 28 pip trading range as the DOE inventory data is awaited (the 22 day average is 86 pips).

The sideways action has allowed a topside trend line and the 100 hour MA to catch up to the price (the 100 hour MA is at 1.2536). A move above those levels (it has to stay above on a break) will have traders looking toward the 200 hour MA at 1.2590.

On the downside, watch the lower trend lines at 1.2465 and 1.2422.

The low yesterday stalled near the upper trend line. Today that line is lower.

DOE data is out shortly. The private data last night showed a large -10000K draw. That is way above the -3000K estimate. So the release can cause some sloppy price action in oil and also the USDCAD.