All the focus is rightly on the ECB tomorrow and whether they will begin buying bonds by the truck load or by the shovel load. A truck load will likely make the market happy at least in the short term whereas a shovel load will disappoint. Either way, crude oil is moving lower and soon.
The market has been pricing in significant easing on the part of the US Federal Reserve and ECB but so far it hasn't happened. Perhaps the market thinks it has gone too far to fast in this recent retracement of the sell off from 5/1 to 6/28 and it needs to give back some of its gains considering the weak economic climate and the lack of an active stimulus.
Either way, the Canadian Central Bank left rates at 1% today and the USD/CAD moved higher. They indicated they may move to raise borrowing costs in the future as concerns over inflation are still present. The consolidation from August 16th continues and should set up a reversal if prices can close above $1.00 which seems very possible. See the charts: 
USD/CAD Daily" title="USD/CAD Daily" width="800" height="600">
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Oil Rolling Over, Loonie Consolidating
Published 09/05/2012, 06:13 PM
Updated 07/09/2023, 06:32 AM
Oil Rolling Over, Loonie Consolidating
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