Oil has seen a drop that most people are calling a crash due to demand concerns on Thursday, but if you take it to the higher timeframe all the drop is, is a minor correction after a significant bull move. i believe that the demand in oil will increase as the world opens up and I believe that the CAD will benefit from this also. if we are going off technicals and areas of sensitivity Oil has made contact with a major area of sell pressure (monthly zone) so its expected that we will se an impulse off this zone. in summary the drop is just a minor correction and we are expecting more bullish movement in the near future.
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