USOIL is now as cheap as it was at the start of 2018. In part, the past month or two of selling has been due to a massive increase in supply. Both in the USA and from OPEC's actions.
I'm expecting that oil will recover and gain for a couple weeks. This could give strength to the CAD for a short time.
After that, it's a crapshoot. Keep an eye on the news.
-Osbetel
Comment
⋅
Clearly my entry point was wrong. Current support for USOIL is around 55 - 52.
Comment
⋅
We have a rebound. Watching for further movement or a potential retest.