Tests 61.8% at 1.3440
The USDCAD has moved lower on the generally more upbeat statement from the BOC. As Adam points out, there is no clearly written change of stance (click here for his reveiw), but the reading between the lines is a bit more positive and points more to a hike down the road. There is no press conference today.
Technically, the price has fallen below the 1.3454 low from yesterday (and swing level). It tests the 61.8% retracement of the move up from the April low (at 1.3223). The pair trades between those two levels. The sellers remain more in control especially if the 1.3454 can now remain a ceiling.
The weekly crude oil inventories are out at 10:30 AM ET. The expectation is for a drawdown of 2000K barrels in the current week. Crude oil is trading at $51.50
