Still USD strength left. USDCAD obviously strongly correlated with WTI. However, I feel that 1.42/43 is a turning point that I’ll be watching for.
Open interest has recently dipped as has volume very slightly while price has risen. That’s a bearish signal but long term that big period of accumulation would lead me to think we are going higher. This combined with my USD bearishness gives a good case for longer term oil strength.
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