Petrol war, as anticipated
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
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