Yesterday's oil bounce fell flat
USDCAD hourly
USD/CAD is up 62 pips to 1.3011 after squeezing as high as 1.3022. Corporate sellers are lurking from this week's high of 1.3024 up to 1.3030. The next level to watch is 1.3065, which was the crisis high.
One of the things we learned from 'rebound day' yesterday was an abundance of USD/CAD bidders on the drop. It didn't take long to reverse and that's a bullish signal.
The main data point for traders in the pair today will be DOE oil inventory data at 1430 GMT (1030 am ET). Yesterday's API crude oil inventory report showed a surprise rise of 2.3mln barrels.
Update: Fresh highs to 1.3033. It will be tough but with commodities under pressure, today could be the day we break the crisis high to the highest in a decade.
