Technical Analysis

USD/CAD nears the September high (update: it breaks)

Watch out for stops

Ten days in a row of oil declines along with an additional $43 spread on Western Canada Select is disastrous for Canadian oil producers, who are selling at $17 per barrel.

The thinking on the Keystone decision late yesterday is that it will be overturned but add in some risk aversion and sudden worries about the USMCA agreement and it’s more disappointing for CAD bulls than the first snow of the year.

It will get even worse if USD/CAD rises above the Sept high of 1.3226.


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