Maybe the detals are not that great after all

The details of the agreement coming out and they are a bit more fuzzy (see Adam's post). As a result, oil prices have moved down off the highs (trading at $46.62 up 4.39% and down from a high that extended to $47.45 in the November contract). The USDCAD is also back higher.

As mentioned in the prior post, the pair still have resistance at the 1.3128-40 area where the 50% and prior swing lows have been found. The high correction price off the lows has respected the resistance at the 1.3128 level (see chart above). The price is back down to the 1.3112 level currently.

The news is a bit more fuzzy. The price action is a bit less bearish (above the 1.3100 level) but is also holding below the resistance area above.

The market is awaiting more communication from meeting participants and perhaps a more formal communication from the group. However, the indications are that the headlines might have been a little less bullish for oil and the CAD, then originally thought.