USD/CAD dives on oil price surge, reversal forms

Discussion in 'Technical Analysis' started by ForexLive, Oct 28, 2015.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
    Likes Received:
    Oil shorts squeezed hard WTI crude is up $2.30, or 5.3%, to $45.50 today. A few headlines are floating around the oil market. - Today's US inventory showed a slightly small supply build (bearish) I suspect positioning is the greatest part of the equation. In a trending market the trend is like an escalator and the retracements are like an elevator. That's why the move in oil has been so harsh today after declines in 6 of 7 days.

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