Support holds on the first look

The drawdowns in the weekly inventory data has the price of oil back higher and the USDCAD moving back lower (higher CAD).

The USDCAD has fallen to the 100 hour MA and found support buyers/profit takers on the 1st look (the MA comes in at 1.33148 currently). The area also corresponds roughly with the high from October 7 and October 13 at 1.3312 and 1.3306). The low from yesterday also bottomed near the level (at 1.33059). The low on this move went to 1.3313.