Opec action unlikely, 1.30 a make or break level for CAD - Oanda
Aug 24, 2016, 01:09 PM
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“Looking for a new trading range of $45-$50 in Brent Crude”, says Craig Erlam, as he joins the Tip TV Finance Show to offer insights on Oil, USD/CAD and Silver. Interviewed by Zak Mir, Technical Analyst at Zak’s Traders Cafe.
Highlights:
“OIL - Production freeze won’t address the problem of oversupply, given Saudi, Russia are pumping at record highs”
“OIL - Unlikely to be a cut or freeze in September. Same old language.. we stand ready to act if required”
“USD/CAD – 1.30 hasn’t been put to test yet. Breach of 1.30 would be a bullish signal. Rejection at 1.30 would be strong bearish signal”
“Silver – Double top neckline breached.. neckline at 19.20 now strong hurdle.. we could go back to 18.20 levels”