Build of 14420K surprises. Crude down to $45 on the news
The USDCAD has moved higher on the back of a huge spike in crude inventories. The price moved above the 100 hour MA at 1.3392 level and is holding support on the correction so far. The high reached 1.3407, a new high for the day by 3 pips. Stay above 1.3392 will now be eyed.
The next target comes in at the topside trend line at 1.3416. The recent high extended to 1.3432. That is the highest level since March. The March 9 high comes in at 1.3445. The 50% retracement of the move down from the 2016 high comes in at 1.35746.
