Oil is lower again but trading mid-range as well after pushing all the way down to $88.29. The high today reached $92.72. The current price is mid-range at $90.35.
The move back to the downside after the price peaked at $97.65 this week, has helped to push the USDCAD higher. The strong USD is also a contributing factor as well of course.
Technically, looking at the 4 hour chart above, the pair did see a dip at the start of the day today, but the low price held support near the high from last week at 1.30625. The low price today reached 1.30623 before moving back to the upside.
The more back higher was able to get and stay above a swing area between 1.3077 to 1.3092 (see red numbered circles and yellow area). The price has move into a higher swing area that put a ceiling on the pair back in July when the price was spiking higher. That area comes in between 1.3127 to 1.3137. The high just reached 1.3140 just above that area, but the price has rotated modestly to the the downside and trades at 1.3128 currently.
Sellers may be leaning /taking some profit with stops on a break above. If sellers are successful in keeping a lid, the aforementioned support between 1.3077 to 1.3092 will be targeted. Get below and the the failed break potential exists in the short term at least.