Moves back toward unchanged but
The USDCAD in earlier trading today was supported by a short covering in the commodity currencies after the China GDP got out of the way. Iran came out later and reminded the market that new supply was in the pipeline for oil. The EIA said today that the market may "drown in oil in 2016". That fundamental news along with the a very nice technical bounce off the 100 hour MA (blue line in the chart below), was enough to get the pair off the lows and moving back toward the close from yesterday. That level comes in at 1.4554. The high extended to 1.4539.
The price has since moved back lower and trades at the 1.4500 level. Oil prices which traded as low as 28.36 from the front futures contract, is and back above the $29.00 level. A move below the $29.00 level will now be eyed.
Looking at the 5-minute chart, the lows from yesterday at the 1.4485 level is acting as intraday support now. Also the price just bounced off the 200 bar MA (green line). This area looks like a level buyers are leaning against now. Stay above and the buyers are happy. Move below and there may be another run to the unchanged line (oil dependent)
