…but hourly chart shows some dip buying anyway
The USDCAD rallied to new session highs, traded above 1.3200 for the first time since the end of July and broke a trend line in the process at the 1.3176 level. Yesterday that line was tested and backed off a bit. The rally took the price to 1.3207. However, that break failed and the price started to come down before the DOE weekly data on inventories. That data came out and showed a drawdown in crude stocks (expecting a gain) and the USDCAD fell further.