Oil is up 8% now – rising to 48.25.
Crude oil moves up to 48.25 high.
Meanwhile, the USDCAD has finally reacted to the downside in the last few minutes of trading
USDCAD reacts on a delayed basis.
As pointed out in earlier post, although oil prices are up 8% and they are talking about a “gigantic” move up today on the news channels, it really was a humongous move lower from the peaks.
The daily chart – just going back to October – shows a decline from 94.39 to 43.50. Now that is a move.
From 44.35 to 48.25 is a nice move too. No doubt. However, we still are below the highs from last week. Get above those levels next week and there can be some more upside. A commodity price goes down >50% in a short period of time, a correction will come at some point.
Oil move is a start but still trading near lows.
