Down $1.84 or 3.78%

US crude oil futures are settling down sharply in trading today. The front futures contract fell by $1.84 or 3.78% to settle at $46.86. It is lowest level in a month.

The price decline is on the back of doubts about OPEC's planned production cuts. The members of OPEC and nonmember producers, met over the weekend iin Vienna. However they did not come to specific terms on production cuts. They nevertheless agreed to meet before the next scheduled OPEC meeting on November 30.

Technically, the fell below both the 50 and 100 day moving averages at $48.22 and $48.05. The 200 day moving average, comes in at $46.05. A move below that level should open up the downside for further selling. Trend line support (see chart above) comes in at $45.00.

Although oil is down sharply (and is closing near the low levels for the day), the USDCAD has had it's share of ups and downs.

Looking at the hourly chart below the price is above the close from Friday - and did find support against the 100 hour MA (blue line in the chart below), the Asian session high was not breached, nor was the high from Friday. Typically, the CAD will get weaker (USDCAD higher) on weaker oil prices.