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The USDCAD has been enjoying a nice strong bullish trend for the majority of November.
Today we received comments that Saudi Arabia has agreed to cooperate in efforts of stabilizing oil supplies.
The big push lower in oil, has largely to do with supply and demand, finally Saudi, one of the most influential members of OPEC has stepped up and made a commitment that will in turn assist in the slow down of the sell off we have witnessed thus far.
The initial news caused a bit of a rally in Oil, which in turn has made the USDCAD bearish. The pair touched a high of 1.3435 prior to the news, and managed to trade just over a 100 pips lower on the initial reaction.
There may be some trade setups this week to sell rallies, as long as the decision by Saudi remains on the table.
Today we received comments that Saudi Arabia has agreed to cooperate in efforts of stabilizing oil supplies.
The big push lower in oil, has largely to do with supply and demand, finally Saudi, one of the most influential members of OPEC has stepped up and made a commitment that will in turn assist in the slow down of the sell off we have witnessed thus far.
The initial news caused a bit of a rally in Oil, which in turn has made the USDCAD bearish. The pair touched a high of 1.3435 prior to the news, and managed to trade just over a 100 pips lower on the initial reaction.
There may be some trade setups this week to sell rallies, as long as the decision by Saudi remains on the table.
