Higher oil inventories has the USDCAD moving back to the upside.

  • The pair corrected to the 38.2% of the trend move higher today at the 0.9946 level.
  • A break of the high at the 0.9967 level is the next hurdle. This was a double top from earlier today increasing the importance of the level.
  • Support at the 0.9951 which is trendline support and at the 38.2% retracement level at 0.9946.

The USDCAD has been stuck in a two month range with a low to high trading range of around 230 pips.

On the topside:

  • The 1.0008 level is the 200 day MA
  • The high close over the last few months comes in at the 1.0026
  • The high price going back to January 30th come in at 1.0069, 1.0050, 1.0048 and 1.0033.

Each of these levels will be hurdles to get above

On the downside today, the 0.9946 support ont the 5 minute chart is joined by the 100 hour MA at the 0.9944. A move below this level will likely trigger stops on disappointment in the move higher.