The price of crude oil was little changed in the American and Asian session after the Energy Information Administration (EIA) released the oil inventories data. The number of inventories in the US rose by more than 768k last week. That was a smaller increase than the previous week’s increase of 4.27 million barrels. It was also smaller than the data from the American Petroleum Institute (API), which showed that the inventories rose by more than 4.17 million barrels. According to the EIA, gasoline inventories rose by more than 2.6 million while Cushing crude oil inventories increased by more than 1.2 million. These numbers came a day after OPEC and its allies concluded their virtual meeting where they extended cut extension.

The Canadian dollar is in a tight range today as traders react to the overall Canadian inflation numbers and the stable oil prices. In a report yesterday, Statistics Canada said that the overall consumer price index rose by 0.7% in October, a better performance than September’s increase of 0.5%. It was also a better performance than the expected 0.4%. On a month-on-month basis, the CPI moved from -0.1% to 0.4%. The core CPI rose from 0.1% in September to 0.4% in October. These numbers are low because, like all economies, Canada is still battling its worst economic crisis in decades.

The Australian dollar is down slightly today after the country released October’s employment numbers. In total, the country’s unemployment rate rose from 6.9% in September to 7.0% in October. That was a better increase than the expected 7.2%. At the same time, the participation rate increased from 64.8% to 65.8% while the full employment change rose by more than 97k. These numbers show that the country’s economy is still relatively stable. Elsewhere, in the United States, we will receive the initial jobless claims numbers and the existing home sales data. In South Africa, the central bank will deliver its interest rate decision.

EUR/USD

The EUR/USD pair moved below a key support yesterday after the weak European inflation data. On the hourly chart, it managed to move below the white rising trendline and reached a low of 1.1830. Also, it moved below the 14-day and 28-day moving averages. During the Asian session, the pair is attempting to go back to the rising trend. The pair will likely rise today and possibly test the white trendline before resuming yesterday’s descending trend.

AUD/USD

The AUD/USD is pointing lower during the Asian session. It is trading at 0.7290, which is lower than this week’s high of 0.7341. On the hourly chart, the price has formed a double top pattern at the 7330 level. It has also managed to move below the 25-day variable index dynamic average while the signal and main lines of the MACD have moved below the neutral line. The price has also found support at the rising white line. Therefore, the pair will likely continue moving lower so long as the bears can manage to move below the white trendline.

USD/CAD

The USD/CAD pair is trading at 1.3090, which is in the same range as it was yesterday. On the hourly chart, the price has moved slightly above the 25-day and 15-day moving averages. It is also above the important support at 1.3062. The current price is also slightly below the descending trendline that is shown in white. Therefore, the pair will likely remain in the current range today since there is no major data from Canada.