Still below the 100 hour MA
The weekly oil inventory data showed a build in inventories (the survey expectations were for a drawdown), but the API also pointed to a build. The price of crude oil did move lower with the WTI falling from just above $59 to $58.20 currently.
For the USDCAD, the loonie did weaken a bit but it has only been by a 7 or so pips from the low, before the price rise stalled and settled. The entire range for the day is only 23 pips (the 22 day average is 46 pips). So activity remains muted in the pair.
Technically, the pair did move back below the 100 hour MA at 1.3225 (blue lline) and before that, the 100 day MA at 1.32302 today. That tilts the bias to the downside again if the price can remain below those levels. If the falling oil starts to influence the loonie more, a move back above would shift the bias back to the upside again.
On the downside, the 50% of the 5 day low to high trading range is at 1.32136. A move below that level is needed to weaken the technical view more.
The USDCAD currently trade at 1.3220.
