Despite rising prices and the fact that a fresh high was made recently, US Oil
price still fails to close above 34.79 for the second day in a row and, in fact, holds below this level as I write this note. The major downtrend is still on and the rise looks corrective from a technical perspective.
A divergence with MACD
can be clearly seen. And MACD
starts to accelerate to the downside from the second "hill".
This also supports Dollar versus Canadian Dollar bullish
idea, since Canadian economy is oil-dependent.
P.S. Squeeze the vertical scale on MACD
for a surprise :)