Hold off on CAD shorts - CADJPY is the pair to watch
Drivers of oil and oil linked currencies will be in geopolitical risk events and North America output - not inventory data.
OPEC output cuts = Asian buyers are turning to North America for their supplies from upticks in lagging export figures and also rising dirty tanker charter rates to US diverging from their SE Asia counterparts (Singapore)
North American rigs will be eager to get their pipelines maxed out as soon as possible which will more than make up for the OPEC output cuts which are moving into the 16 months.
Trump's waiver against Iran sanctions will be the absolute driver of oil and CAD for the next 9 days.
expecting to see continuation of CAD bullish run and oil to $75 if Trump doesn't not extend the wavier.
So depending on how events turnout, CADJPY could be a flyer or sinker so catching the right side of the volatility in the days to come would be vital for the more daring traders.
but definitely opportunities to run upwards break of 85.55 levels in the coming days. Will continue to monitor
OPEC output cuts = Asian buyers are turning to North America for their supplies from upticks in lagging export figures and also rising dirty tanker charter rates to US diverging from their SE Asia counterparts (Singapore)
North American rigs will be eager to get their pipelines maxed out as soon as possible which will more than make up for the OPEC output cuts which are moving into the 16 months.
Trump's waiver against Iran sanctions will be the absolute driver of oil and CAD for the next 9 days.
expecting to see continuation of CAD bullish run and oil to $75 if Trump doesn't not extend the wavier.
So depending on how events turnout, CADJPY could be a flyer or sinker so catching the right side of the volatility in the days to come would be vital for the more daring traders.
but definitely opportunities to run upwards break of 85.55 levels in the coming days. Will continue to monitor