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TODAY's ECONOMIC EVENT (Risk Trade) ======================================= CRUDE OIL INVENTORIES: (10:30 a.m. N.Y Time) ======================================= The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.
If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected. If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.
Mine is set lower, the 23.6%. Thats why I ask. This chart doesn't show their reason for support at 42.02
TahaBintahir
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it would match channel boundaries
TheAnonymousBanker
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ABCD impulsive
TheAnonymousBanker
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Hi Gian, ABCD impulsive
AMBRISH
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I liked your analysis.
TheAnonymousBanker
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Thanks a lot Ambrish! :)
AMBRISH
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Don't thank me, you have done great job of research and analysis. its short term buy @ 42/42.50.
smitheric1970
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Great analysis as always, thank you!! Unless the FEDS raise interest rates this month (unlikely) I believe that USDCAD will remain rangebound strong and wit rangebound weak. Possible 39-45 6 week range.