The current price of the USDCAD is trading on top of the converged 100 and 200 hour MA. I call this dynamic Threes a Crowd. The price should trend away from the area. What might be the catalyst
Crude oil prices are currently lower on the day at 42.08 (down 1.29%). Crude oil inventories are out at 10:30 AM. The market will have all eyes on that for sure. Watch for a run away from the MA lines off the data. A move above the 1.3110 area should solicit more buying. The high on Monday came in at 1.3151.
The USDCAD has been trading in a choppy up and down action as traders seem to be seeing a correction in oil (something that has not really happened yet). On the fundamental front in Canada going forward, on Friday CPI and retail sales will be released.