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BK USD/CAD Big Trade Reload 02.25.2016 -77
2/26 – BK Big Trade – Close USD/CAD here at 1.3561 for -77 oil prices have been movingg persistently higher and the correlation between oil / cad appears to have broken for the time being so we’re going to get out and revaluate
BK – Reload USD/CAD
Buy USD/CAD at market (now 1.3638)
USD/CAD traded lower today despite the 2% decline in oil prices but it is notable that the sell-off stopped right at the 100-day SMA. We believe that a stronger recovery is likely especially with oil prices reversing Wednesday’s rise. We were a bit surprised by yesterday’s reaction to the oil inventory report. Even though refined product inventories fell, the fact of the matter is that crude stockpiles hit a record high. There’s more supply than demand in the market and that is not expected to change any time soon.