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FXstreet.com (San Francisco) - USD/CAD remains in consolidation mode this Wednesday in North America as the 200-hr EMA supports price, while the 9-day EMA appears to help limit upside rallies. At the time of writing, the market is relatively flat, yet slightly bid, last at 0.9755 vs. 0.9740 as it trades a 0.9724/0.9762 range intraday.

The bid tone partly reflects crude-oil's recent drop, having lost more than 3% to $92.26 Wednesday, after a US government report showed a larger-than-expected increase in supplies. Forexlive is now reporting that oil has broken below the psychological $90.00 mark. "A close at these levels would be oil's lowest in more than six weeks," reports the Wall Street Journal.

Technically speaking, TD Securities' short-term bias "is shifting to buying dips while 0.9710 holds," it says in a research note. TD explains: "Two consecutive doji - or near doji - candles underscore the loss of direction for this market at the moment - even as broader trend momentum studies remain bearishly positioned. We continue to feel that near-term risks are geared towards a modest squeeze up at least in spot in the short run."

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