USDCAD on the move. Trades at session highs.

Crude oil down about -$0.20.

The USDCAD is on the move. It trades at session highs. Crude oil is down about -$0.20 currently at $46.60. The low reached $46.46. Oil had a large draw down in inventories yesterday but it did not help prices. Lower oil prices tend to weaken the CAD (USDCAD higher), although that relationship can disengage. Yesterday, crude oil was lower but the USDCAD followed the USD lower.

Looking at the 4-hour chart above, the pair corrected to the 50% of the move up from the July low at 1.2595 (low reached 1.2587 today). The bounce off that level moved back above the 100 bar MA on the 4-hour chart at 1.26156. The pair has now corrected to the 28.3% of the move down this week at 1.2660. The 1.2650 was a low area from last week and should be a support now.