In a short term, I don't see any possibility for a significant jump in oil price. However it doesn't worry me because even a 138 $/b seems to be unable to support the CAD.
When we must wait until Tuesday for the interest rate meeting, it would be a comfortable time because there is not any other scheduled supportive data, not from Canada nor US.
I will go long on pairs such as AUDCAD or even NZDCAD, but I think the best entry point will appear on Monday's night.
June 8, 2008
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