The price has increased significantly today and has resumed the bullish momentum, right now is very close to hit the 56.57 previous high, personally I’m expecting the price to take out the static resistance. The rate should embrace new highs in the coming period after the retest of a major support area (resistance has turned into support).

Brent Oil is located above the $56.00 per barrel, I’ve said in my previous articles that most likely will appraoch the $60 per barrel in the coming weeks. Technically should increase significantly after the minor retreat, fundamentaly is expected to increase as well, so is a very good opportunity to go long on the Oil right now.

Has increased sharply even if the Loonie is under selling pressure versus the greenback, the USD/CAD has rallied aggressively in the last days few days and is very close to kiss new highs.

You can see that the rate has decreased in the last two week but only to test the broken resistance levels, the rate has made a crucial breakout, has jumped above the median line (ML) of the major ascending pitchfork and above the 61.8% retracement level.

Technically should climb much higher after the crucial breakout, you can see that has also escaped from the extended sideways movement, we may have a reversal on the Weekly chart if the rate will stabilize much above the 61.8% retracement level.

The next major upsdie target is at the 60.02 psychological level, could approach and reach this level in the coming months, I’ve said in my previous articles that we may have a consolidation here because the price needs to recapture more directional energy.

Technically the rate should approach the 100% Fibonacci level on the medium term, we have also a major target at the upper median line (UML) of the major ascending pitchfork, could reach these levels till the end of the next year.

We’ll see what will happen tomorrow when the United States will publish the Crude Oil Inventories, an unexpected increase will help the bears to step in again.