The unstoppable machine powers on
There's a fair bit of resistance around the 42/43 area but if there's one thing I've learnt from trading oil over the years, is that the tech can often count for nothing when it goes on a big run.
WTI daily chart
This is one of those times but there's still a lot of expectation behind this move and that makes things dangerous.
Brent is up against a similar level at 45.00 and there's a stronger looking level at 46.45/50
Brent crude daily chart
If you're dabbling in oil right now you need to think about picking your battlegrounds and looking for the strongest possible levels as they may hold better than lesser levels.
The knock on effect from the jump in oil is USDCAD breaking a very juicy support level down at 1.2800/20.
USDCAD daily chart
This was a level I've been waiting a while for with a view to a tech a long but it's been through it like a knife through butter. I'm inclined to leave it alone for now while oil is in the driving seat.
