Has Oil Hit Rock Bottom?

Oil prices roared back on Wednesday, rebounding and regaining some of the steep losses suffered in previous trading days. The bounce suggests there are some signs of life in the oil market, or at least a soft floor, despite hitting one-and-a-half-year lows. Most Wall Street investment banks see oil prices rebounding strongly in 2019, although just about all of them have revised down their oil price forecasts from just a few weeks ago. Bank of America Merrill Lynch, for instance, sees Brent averaging $70 per barrel in 2019. At the bearish end of the spectrum, the EIA sees Brent averaging $61 per barrel – still higher from today’s spot price. READ MORE @ https://oilprice.com/Energy/Energy-General/Has-Oil-Hit-Rock-Bottom.html

WHAT IS THE TECHNICAL CHART SAYING (CAD)

I think the CAD will hit the double bottom before it rebounds, however, the stock market is still very fragile for further fall as the FED continues to normalise the market with two more rate hike in 2019. As a trader, be cautious if you are buying CAD. Always maintain good money management.

High Risk Investment Warning:

Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary.

 

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