Fails after new week high reached.
The USDCAD is down testing a lower trend line on the hourly chart at 1.3331. Just below that i the low from the Asian Pacific session at 1.3328. Moves below will have traders eying the 100 hour MA.
The pair is trading a little more bearish after a new week high was made earlier in the NY session, but only by a few pips. That failure to extend higher, and the general dolllar selling (EURUSD and GBPUSD moving back higher - lower dollar), helped to push the pair back down. Now support is being tested.
Will buyers lean? They could always sell on a break.
Crude oil futures are up $0.11 at $52.74. That is closer to the high for the day at $52.92. The low reached $52.07 earlier. Higher oil, can give the CAD some support.
DOE inventory data will be released at 11 AM ET. The crude oil inventories are expected to show a small -750K drawdown. The private data released late in the day yesterday showed a large build in inventories:
