Oil inventory data awaited.
The USDCAD is trading above and below the 100 day MA in trading today. Oil prices are down to $47.47 in trading today with a high of 47.74 and a low of $47.05. The weekly inventory data is out shortly. The 100 day MA will be a barometer for bulls or bears. Move above (a more bearish report for oil) and will look toward the high for the week at 1.29645 and then the 100 bar MA on the 4-hour chart at 1.2987.
On the downside (more bullish for oil), the 100 and 200 hour MAs come in at 1.2885/87 area. A move below that level should open up the downside for more pressure.
