An attack on Saudi Arabia’s Abqaiq oil processing facility has caused a temporary shut down of 5.7 million barrels a day of oil output. This naturally caused oil to trade significantly higher today.
With oil strengthening significantly, a short was found in the EURCAD risking 19 pips for a potential 85 pips to our daily target at 1.4589.
Price made its way lower throughout the session and the trade was closed at our target.
A number of central banks will be announcing interest rate decisions this week, including an expected cut by Fed Chair Jerome Powell on Wednesday.
It could be a busy week for oil as lost production is restored and price settles lower.
Good luck with your trading!