WTI Futures down but volatile

The USDCAD has squeezed higher and in the process is now higher on the day (closed at 1.30325 yesterday). A close above that level will be the first higher close since Sept 29th (5 straight lower closes). The selling has taken the price from a high of 1.34559 to the low today of 1.2970 (586 pips). That represents the largest corrective move since the rally started on May 14. The low fell short of the next downside target on the daily chart at 1.2952 (low from August 12).

Looking at the 5 minute chart, at the lows, the price tested a lower trend line connecting most recent lows. Was it enough to slow the decline? Well, it certainly helped define a bottom. Watch the 1.3032 on corrections now. Stay above and positive on the day. Move below and negative. It might be as simple as that for dip buyers.