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USD/CAD Big Trade 02.12.2016 +45
Close USDCAD here 1.3900 for +45 on trade we will reload later
**Sell Order at 1.3945 TRIGGERED
USD/CAD Big Trade
Place Order to Sell USD/CAD at 1.3945
Stop at 1.4145
Oil prices are up 5% today and USD/CAD isn’t reacting. The main reason why markets were calmer on Friday is oil. After falling for 6 straight trading days, oil moved higher after UAE said on Thursday afternoon that OPEC is ready to cooperate on an output cut. While encouraging, the restrained recovery in oil suggests that investors are skeptical because in order for oil to bottom and for a cut to actually occur, Saudi Arabia needs to be on board and so far we haven’t heard anything. Yet at the same time they have not denied it like in the past when they would come on the wires moments later. While all of the concerns relating to supply and demand are still there, USD/CAD is steady and the sharp rebound in oil should lead to stronger recovery that could take USD/CAD down to 1.38.