The Brent Oil decreased a little today and could pressure the 75.00 psychological level in the upcoming hours. Price increased as much as 76.42 in the yesterday’s session, but it has failed to stay there signaling that the bulls could be exhausted on the short term.

Price maintains a bullish perspective and could approach and reach fresh new highs after the breakout above a crucial resistance level. The oil price increased even if the USD/CAD has rallied in the last weeks. The pair is pressuring a major confluence area and it could increase further if the Canadian data will disappoint and if the US data will come in line with expectations.

The Canadian GDP will be released later and could increase by 0.3% in February, versus a 0.1% drop in January, the Manufacturing PMI will be released as well and could shake the oil’s price. The US ISM Manufacturing PMI could slip from 59.3 points to 58.4 points, the Total Vehicle Sales could drop as well, from 17.5M to 17.1M, while the Final Manufacturing PMI is expected to remain steady at 56.5 points.

The ISM Manufacturing Prices could increase from 78.1 to 78.3 points, while the Construction Spending could increase by 0.5%.

The rate increased significantly after the valid breakout above the 50% Fibonacci line (ascending dotted line). The perspective will remain bullish as long as the rate is trading above the lower median line (lml) of the ascending pitchfork.

A drop below the lower median line (lml) could send the rate below the outside sliding line (sl). The next upside target remains at the median line (ml) of the ascending pitchfork. However, the rate could come back down to test and retest the 50% Fibonacci line (ascending dotted line) before will climb towards the 80.00 psychological level.