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Dramatic Volatility from Oil, CAD, Stocks Indicative of Troubling Conditions

Dramatic Volatility from Oil, CAD, Stocks Indicative of Troubling Conditions

2016-04-19 02:00:00
John Kicklighter, Chief Currency Strategist
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Talking Points:

  • The Doha meeting ended with a clear signal that supplies would not be systematically lowered any time soon
  • Crude oil gapped lower to open the week while USDCAD posted its biggest jump in 13 years
  • While this is significant event risk, it tells us more about troubling market conditions

See how retail traders are positioning in the majors using the FXCM SSI readings on DailyFX's sentiment page.

For those trading during the opening hours of Monday's session, there was considerable volatility on the back of the failed Doha meeting. Dramatic gaps and equally extraordinary reversals occurred for US oil and USDCAD - two focal points for those following the crude supply cap speculation. These moves were certainly incredible; and for the industrious trader, could have offered significant trading opportunity. However, there is more to this market reaction than just a 24 hour trade. The ripples from the failed supply cap in Qatar spread out to a range of assets including many that are distinctly risk-oriented. The scale of volatility and reach of the news reflect more broadly on the fragile confidence holding the market's confidence. What happens in the event of a true emerging crisis, China economic stall, Fed hike or other key developments? We discuss the volatility following the OPEC familiar to cap oil output, but we also consider the deeper implications of the day in today's Strategy Video.

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