ALERT: WTI Tanking On Saudi Moves. Watch WTI Vs CADUSD

As the Saudis declared a price war with the Russians over oil prices this weekend, meaning the Saudis would flood the market with oil, one of the widely followed crude oil barometers is plunging. West Texas Intermediate Crude has dropped from $41 to $32 a barrel in hours.

Historically, CADUSD and WTI are in lockstep. That's about to change. Watch this for a trading opportunity, especially when it goes to a very negative correlation, which it will.

What's an interesting one to watch is WTI and RUBUSD. They have recently been tight from a correlation perspective. Does that change with this battle between the Russians and the Saudis? Maybe not, as both stand to hurt.

Watch MXNUSD and WTI as well. Typically a strong correlation relationship that will likely drift (maybe an understatement) apart...

The chart below shows the correlation between CADUSD and WTI using a 5-day average calculation. This positive correlation is about to go very negative...

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