The Strait of Hormuz doesn’t just mean oil price should go down, I’m also expecting to see weakness in CAD too… which means more bullish PA for USDCAD
It’s pretty simple, CAD moves with oil because Canada is one of the largest oil exporters.
I believe that’s the fundamental reason we’ve had bullish PA on USDCAD for a while now… basically a front run
If, of course it has truly been opened…lol
Won’t be surprised if we get another announcement saying it’s closed again.
We gapped down on market open
This was pretty much expected following Trump's announcement of the Strait of Hormuz reopening.
We're close to clearing the $79/barrel low...If that happens, i'll be hands off like i said and waiting for price to give more clarity before making a move.
wti crude oil