The oil markets fundamentals are mixed and the US dollar is also trading within a tight channel so the USDCAD is being pushed back and forth this week. For the 200 ema to continue acting as support traders need to see the US dollar continue to rise and for $70 p/b oil to become resistant. Central banks say that inflation is transitory and they will need energy markets to fall and stabilise for this prophecy to be self-fulfilling.
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