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Is Trading US Oil Marching Down a Slippery Slope?

US Oil price continues to decline on Wednesday on the expectation of an increase in the U.S. Crude inventories. Energy Information Administration is going to release Crude Oil Inventories data which measures the change in the number of barrels of crude oil held by the commercial firms during past week. Although it is a US indicator, it most affects the Canadian Dollar due to Canada’s sizable energy sector. Market is expecting Crude oil inventories to go up to 2.1 million barrels. Earlier crude prices suffered from the China’s unexpectedly weak trade data. On the Daily chart, the pair found support after a steep decline at 50 fib level.