USD/CAD dives on oil price surge, reversal forms
Oil shorts squeezed hard
WTI crude is up $2.30, or 5.3%, to $45.50 today.
A few headlines are floating around the oil market.
– Today’s US inventory showed a slightly small supply build (bearish)
I suspect positioning is the greatest part of the equation. In a trending market the trend is like an escalator and the retracements are like an elevator. That’s why the move in oil has been so harsh today after declines in 6 of 7 days.