Not in a huge hurry though.
The USCAD trades near day's lows and is currently back below the 100 hour MA (blue line in the chart below). However, the action today is more two way.
On Monday, the pair bounced off the 100 day MA (blue step line in the hourly chart below) near the 1.2900 level.
In yesterday's trading the 200 hour MA (green smooth line in the chart below) put a lid on the corrective rally.
Today the North American session has seen the price trading above below the 100 hour moving average (blue smooth line) and the 50% retracement of the move up from Monday's trading low. That level comes in at 1.2989 currently.
So the bears remain in control and are trying to take more control.
The question going forward is can the price stay below and move away from the 100 hour MA now (blue line in the chart above). If so, there should be a continued dip toward another retest of the 100 day MA. If not, the ups and downs may continue until there is a clearer picture for the pair.
On the oil front today, the WTI crude is currently trading in the middle of the range. The high today was at $46.96. The low extended to $45.94 ($1.02 trading range). The current price is at $46.41 - down 0.26% on the day. The recent rally in oil pushed the price above the $50 level In the farther out contracts in 2016 (see Dec 2016 chart below), the last two rallies have seen volume peaking at the highs. There are reports that producers are active sellers on rallies as they get their ducks in a row for 2016. If producers know their cost to extract oil and lock that spread in on rallies in oil futures, they can be in better control of their businesses. The December Crude oil contract go to about $55 per barrel in the two rallies (see chart below).
