1.3810 was the Jan 4th low. Broken
The USDCAD is now down on the year and trading at new 2016 year low. The pair just broke below the January 4th low at the 1.3810 level. and now targets the 50% of the trend move up from the October 15 low at 1.3760 (see chart below).
Oil prices are trading above $32 per barrel after falling below $30 on the surge in oil inventories reported earlier (Ryan smelled a fish and indeed there was). Iraq finance minister more recently came out and said that OPEC is working hard to cut production.
I can't help but think that the fisherman out there - who may have some headline making potential - are making some good money on the wild swings in the price of oil. What do you think?
