The analysis of the US oil market (West Texas Intermediate, WTI) presents an intriguing scenario. Currently, the WTI price is recovering from recent losses, trading around $72.33 per barrel. This rise in oil prices is driven by concerns about potential supply disruptions following recent events, where Yemen's Houthis have questioned the UN resolution on Red Sea navigation. Meanwhile, the USD/CAD pair has fallen close to 1.3360, failing to stay above the crucial resistance of 1.3400. The Canadian dollar continues to struggle as the demand for safe-haven assets decreases due to an improved risk appetite among market participants.

In the oil sector, prices are showing a moderate recovery as tensions in the Middle East deepen. Attacks on commercial oil tankers passing through the Red Sea are causing shipment delays and supply shortages. It is noteworthy that Canada is the leading exporter of oil to the United States, and higher oil prices support the Canadian dollar. My forecast, also backed by the rally of the USD/CAD pair, is for a long entry at the December low. Following the five-year seasonal trend, the pair should start rising from January until March. I will continue to provide updates on this position. Greetings from Nicola.
Chart PatternseducationEURUSDFundamental AnalysisictopecpriceactionsmartmoneystrategyTrend AnalysisUSDCADCrude Oil WTI

Penafian