Weaker than expected retail sales report led to a 40-pip jump in USD/CAD yesterday. The pair held onto gains and is following through today. 1.2665 - 1.2825 range still in play. It's been a catch-up week for WTI oil with BRENT taking a bit of a breather it seems.
al_dcdemo's Blog
Loonie gaps lower at the open
Over the weekend, OPEC and non-OPEC countries reached a deal to cut oil production. On top of that, Saudi Arabia showed their commitment by declaring that they will cut more than what they agreed on last week.
Oil prices opened sharply higher, WTI is currently up more than 5% on the day. Loonie gapped down at the open, extending the 450-pip fall since mid November. 2016 trendline near 1.31 is backed by 200 DMA. 1.3150 is the initial resistance.
Oil prices opened sharply higher, WTI is currently up more than 5% on the day. Loonie gapped down at the open, extending the 450-pip fall since mid November. 2016 trendline near 1.31 is backed by 200 DMA. 1.3150 is the initial resistance.