Hi guys
Latest development on oil crises is not looking good for CAD
I am prepared to close all positions as loss and wait until it gets pushed to extreme. 1.38-1.40 not ruled out.
Slashing prices by Saudis and Russia and with virus halting transportation and reducing consumption is worst case scenario.Talk about making shit situation even more by Saudis threatening to increase production to 12 million a day.Anyway thought to post this in case you are not aware of latest news.I just hope gap on UC is not huge...
Best case scenario take the loss now (your decision) then once goes 1.36+ I think will go higher then shorting then coming back to now you'll break even and even profit more below it.
Saudis can afford to sell it with loss not sure on others.US oil producers need above 40 to make profit.This has larger implication Saudis may want to destroy all competition by forcing bankruptcy of other producers specially US which is largest producer now.
I guess Trump friends may gave him the ultimate finger more like a tree log
Latest development on oil crises is not looking good for CAD
I am prepared to close all positions as loss and wait until it gets pushed to extreme. 1.38-1.40 not ruled out.
Slashing prices by Saudis and Russia and with virus halting transportation and reducing consumption is worst case scenario.Talk about making shit situation even more by Saudis threatening to increase production to 12 million a day.Anyway thought to post this in case you are not aware of latest news.I just hope gap on UC is not huge...
Best case scenario take the loss now (your decision) then once goes 1.36+ I think will go higher then shorting then coming back to now you'll break even and even profit more below it.
Saudis can afford to sell it with loss not sure on others.US oil producers need above 40 to make profit.This has larger implication Saudis may want to destroy all competition by forcing bankruptcy of other producers specially US which is largest producer now.
I guess Trump friends may gave him the ultimate finger more like a tree log
In trading, you have to be defensive and aggressive at the same time
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