Petrol war, as anticipated
Skerdian Meta • 1 min read
The Doha meeting is over or in standby as some might like to call it (Russia springs to mind). No agreement on petrol exports, no agreement on a possible output freeze, no agreement on supply. Can they agree on anything? Of course they can´t, the petrol producing countries are so diverse, socially and economically no one fits one another´s needs, as much as they might pretend to support each other. Their economic, political and social situations are so different. What´s the result? Petrol might hit $30/barrel soon and USD/CAD might reach the top of January 2016 again. We hesitated to go long at 1.1750s but we will open a buy long term forex signal if this pair gets close to 1.28. Fingers crossed it will make a retrace on the short term charts.
USD/CAD has jumped more than 200 pips on the failure to reach a deal on petrol output