Inventories soar...
Well there was a weaker currency other than the USD over a few minutes at least. The oil inventory data continue to show no relief in site and that HAD the USDCAD thinking twice about heading lower. The price of crude oil moved back below the $30 per barrel level. The low for the day is around $29.40. But.. inventories...what inventories. The oil price is now trading at $30.82. Go figure. YIKES!
That type of reaction has the USDCAD popping and dropping. Looking at the USDCAD, the pair moved back above the low from Monday on the data at the 1.3905. But that rally fizzled with the oil price sizzle and the pair is back down looking to test the lows again (crazy). The current price is 1.3866. The low just reached to 1.3843 (the low for the day is 1.3835). The liquidity risk is reaching high levels. BE AWARE.
Meanwhile over in the stock market, the S&P is another thing heading lower. The S&P is down 1.02%. The Nasdaq is down 1.53%. That'll change no doubt.
