Costa Rica has long faced a unique situation where an abundance of USD and cheap oil prices pushed the CRC to record lows, meaning the currency had essentially appreciated.
Today, new oil prices were announced, which means demand for the USD will increase. This represents a 16% jump in oil prices, which will most likely drive costs higher. Taking that into account, I have drawn a possible path for the USDCRC pair to move to previously seen levels, exceeding the 500 psychological barrier.
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