Oil prices rebound

Admittedly, the USDCAD has divorced itself from the price of Oil. The crude oil prices fell to near $26.00 today - the lowest level, and 12 years - and the USDCAD is well off recent highs. A weaker USD has helped contribute to that trend.

So although the price of oil is currently $1 higher after the report in the WSJ, the price of the USDCAD moved lower but still remains above support against the 100 and 200 hour MA. The low price reached 1.3905. The 200 hour MA is at 1.3896 and the 100 hour MA is at 1.3911.

Technically, traders will be looking for a break of those MAs and the upward sloping trend line which is not far away at 1.3890.