1000+ pips. Big reversal. Risk on soon & fundamentals below
Canada is a major oil exporter while Japan imports a lot of oil. Japan isn't expected to hike until Spring 2020 as they are in repairing stage. Canada's economy is simply solid but with OPEC mostly likely looking to continue to cut oil production Oil should rise to about $65 & if Us & China issue gets settled.. Global gdp should be expected to pick up thus causing demand for oil . Also Jpy (safe haven) should reverse along with it. With China now being a solid partner with Japan price should reach & range around 94.00 level.. a level lower than where it was before the Great recession happened.
Comment:
Russia agreeing to oil cuts before OPEC meeting is huge. OPEC is widely expected to keep production low & US - China are now at truce. Risk is back on a low. ( safe haven sell)
More buy orders will be placed once Us China tensions get settled. Without global gdp rising some point & oil supply being controlled as it is now then this trade won’t work in short term