Not really moving much but not going lower

Crude oil prices tumble lower yesterday and that (combined with concerns about overheating housing) led to a weaker CAD (higher USDCAD). If you have not seen Adam's discussion on the USDCAD on BNN television earlier this week, click here.

Today, oil prices have rebounded by about $0.57 to the $49.54 area, but the USDCAD remains above the closing level (at 1.3632). Now, things are not racing, but the pair remains supported, and the pair remains in the black for the day. Stay above 1.3632 and I give the nod to the bulls.

Looking at the daily chart the pair this week moved above the 50% of the move down from the January 2016 high. That comes in at 1.3574. IT also moved above swing highs from November and December 2016 at 1.3587 and 1.3598 respectively. Stay above those broken levels and the bulls remain more in control.

For today, the topside focus will be the high from yesterday at 1.36701. Get above and stay above and the buyers can take the pair toward the 1.3690-1.3700 level.