oil is down but not enough

The failure of OPEC to find a deal on a production freeze as we anticipated sent crude oil futures down more than 6% the evening of the 17th. By the time the market closed, WTI had lost only 1%. As a result, the CAD had weakened considerably but then retraced much of its move and stopped out our trade.

We finished with a 62 pip gain which is not as much as we had hoped to get in this trade but not bad work for less than three days time. Another entry may come if market sentiment is negative on oil over the longer term.