Technical Analysis

USDCAD checks decrease development line on hourly chart/low for the day

Fails after new week excessive reached.

The USDCAD is down testing a decrease development line on the hourly chart at 1.3331. Just under that i the low from the Asian Pacific session at 1.3328.  Strikes beneath could have merchants eying the 100 hour MA. 

Fails after new week high reached.

The pair is buying and selling just a little extra bearish after a brand new week excessive was made earlier within the NY session, however solely by a couple of pips. That failure to increase increased, and the overall dolllar promoting (EURUSD and GBPUSD transferring again increased – decrease greenback), helped to push the pair again down.  Now assist is being examined.  

Will patrons lean?  They may all the time promote on a break. 

Crude oil futures are up $zero.11 at $52.74. That’s nearer to the excessive for the day at $52.92. The low reached $52.07 earlier.   Greater oil, may give the CAD some assist.  

DOE stock information will likely be launched at 11 AM ET. The crude oil inventories are  anticipated to indicate a small  -750Ok drawdown.  The personal information launched late within the day yesterday confirmed a big construct in inventories:

Private crude oil inventory data


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