Technical Analysis

WTI crude rises to the very best since November 16

Canadian greenback ignores the transfer with retail gross sales looming

Canadian dollar ignores the move with retail sales looming

WTI crude hit a session excessive of $57.81. That is one of the best stage since mid-November because the rebound from $42.36 in December continues.

Crude has risen in seven of the previous eight days as optimism picks up round a US-China commerce deal. Technically, the 50% retracement of the Oct-Dec drop at $59.63 is a gorgeous goal.

Within the shorter-term, the Canadian greenback is value watching. Usually it will be getting a tailwind from oil however the December Canadian retail gross sales report is due on the backside of the hour and that is restraining market strikes. If it may possibly match estimates (-Zero.three%) and the small print are strong then anticipate a little bit of catch-up within the loonie.

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