October is up 0.97% on the day
Crude oil futures have erased the earlier declines and traders at session highs (up nearly 1% at 45.84). Crude oil inventories continued to build this week. Was it priced in?
The USDCAD - which typically reacts to the price of oil (higher oil, lower USDCAD) - remains above the close from yesterday at the 1.3258 A move below this level will be eyed as a step 1 in the bearish direction *just the minimum). Below that the 200 (green line) and 100 bar MA (blue line), trend line and 50% are all additional targets that need to be breached. There is still a lot of proving to do and ultimately, the supply glut has to be absorbed.
