100 day MA at 1.29298.

Oil prices are down 2.78% on the day to $47.17 on the day.

That has helped the USDCAD move higher on the day. However, the pair is finding resistance against the 100 day moving average currently at 1.2930 area. The 38.2% retracement of the moved down from the August high of 131 997 to the August low at 1.27629 also comes in at that level. This seems to be putting a lid on the pair.

On the downside, traders are not really giving up either. The 1.2900 area was the low from August 15th. Since breaking on August 16th, the price has spent most of the trading time below that level - until today. The last 12 hours has seen traders test the level, but find support buyers waiting. Between those two extremes sits the 200 hour MA currently at 1.2915.

So buyers and sellers are battling between 1.2900 and 1.2930. Look for a break and run.