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Crude Oil volatility causing large moves in USD/CAD

From forex.com

During Q2 of this year, Crude Oil (USOIL) had been on a tear moving from a low on March 24th of 57.28 to a high on July 6th at 76.95. Along the way, the black gold broke out of a symmetrical triangle in late April and hadn’t looked back! However, as an OPEC+ deal came and went without a new deal on supply increases, markets became nervous and began pulling back on the uncertainty. Last weekend, the group finally reached a consensus: an increase of 400,000 barrels per day which will extend through September 2022. Throw in the uneasiness from a possible decrease in demand due to increases in new daily cases of the ... (full story)

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  • Category: Technical Analysis