USD/CAD Reverses at the 100 SMA, As US Oil Inventories Post A Big Decline
Skerdian Meta • 1 min read
USD/CAD has been on a bearish trend for about a year now. The USD decline stared the downtrend, then the bullish Oil prices kept it going, adding further fuel to it. As a result, this pair fell around 23 cents from top to bottom. But it retraced higher in the third week of March, although, highs have been getting lower since then, suggesting that the retrace is over.
The price fell below the 200 SMA (purple) yesterday, while today the 100 SMA turned into resistance. USD/CAD reversed down from there and lost more than 50 pips, after the EIA report showed a major decline in US Oil reserves.
Weekly EIA US Oil Inventory Report
- Last week’s crude oil inventories -5890K vs -2700K expected
- Prior week was 3522K
- Gasoline +309K vs +900K expected
- Distillates -2083K vs +1000K expected
- Cushing +346K vs -735K prior
- Crude Oil -3608K
- Cushing +917K
- Gasoline +5565K
- Distillates -3006K