Trades down toward the $45 per barrel. Helps the USDCAD recover.
The active Crude oil contract is moving back toward the low price from Monday's trade at $45.08. A move below that level would open the door for further selling. Earlier oil inventories were lower than expectations but the rally, found sellers.
Meanwhile, the USDCAD has seen the pair move back higher after testing the 38.2% of the move up from the Friday low and the 100 hour MA (blue line in the chart below). The current price has also extended above the double top seen on the chart below at the 1.3175 level. If the price can stay above this level, there could be another run to the high for the day. Test time for the pair.
