USDCAD retraced on oil data

USDCAD was punished after oil inventories showed much larger than expected decline. CAD jumped higher on the news dragging the USDCAD rate from 1.1113 high to a low of 1.0954. Period of consolidation is expected then USDCAD could resume it's uptrend. Trend line support above 1.09, and 38.2% retracement at 1.0934 should provide strong enough support. Currently price sits at 50 SMA on 4h chart. 100 SMA support close to a trend line.

Good trades