It's turnaround time for the Canadian $ and oil as comments from Saudi Arabia impact on markets
What a difference a few hours makes eh?
Early this morning I was posting on oil price falls and USDCAD rallies albeit with sell interest noted
Well, we've seen highs of 1.3436 after taking out good supply between 1.3400-25 but now it's all been downhill to 1.3345 since in rapid time over the last hour or so as oil prices turn higher in equally speedy fashion
Support at 1.3380 held only temporary respite and demand around 1.3350 is currently under threat again as Brent rises to $45.25 currently from $43.57 and WTI rebounds to $42.08 from $40.41
Oil price hike being caused by Saudi Arabia stressing its role in oil stability in a statement made in summary of a cabinet meeting via the Saudi Press Agency
- Saudi cabinet says kingdom is ready to cooperate with producers OPEC and non-OPEC exporting countries to maintain stability of market and prices
A case of blink and you miss it and providing some interesting times for CAD traders
USD selling generally being seen as N American traders shuffle in with GBPUSD up to 1.5141, EURUSD 1.0636, AUDUSD 0.7203, and USDCHF looking at 1.0200 again
