Fundamental:
- Oil demand outlook continues to worsen
- Virus situation in Canada showing little signs of abating
- BOC increasing asset purchases (QE), attempting to pump liquidity into the market
- Housing market feeling a lot of pressure with bleaker outlook to come
Technical:
- Falling wedge breakout with a small retest off previous resistance, highly...
- Descending triangle breakout confirmed, currently retested, looking to short to 1.3700
- OPEC+ cut failed to impress
- Cuts won't be implemented until May 1, CAD still feeling downward pressure
- Fundamental oil demand absent, gloomy days still lie ahead for oil
Anyone share the same thoughts on this matter? I am just starting out so I would love to learn more! :)
