It’s an often overlooked economic release but if you are a USD/CAD trader or trade anything against the loonie, it’s a release that can sometimes create significant volatility. Today’s release was one of those occasions. The number came in at a 2.3 million barrel build up as opposed to the 2.3 million barrel drawdown that was expected. This economic release doesn’t typically trigger fireworks but it should be watched for the times that it does. The USD/CAD has been trickling lower on the daily time frame with prices trading below the 34EMA Wave. The “four to six o’clock” angle of the market indicates a bearish ... (full story)