Although Canadian numbers came in VERY weak, oil prevented USDCAD from flying up to the moon and kept it contained. OPEC has agreed to a smaller than expected production boost, estimated 1m combined per day output increase. Technicals are pointing towards a minor correction, whether USDCAD will then continue up remains to be seen. 1.3383 is the latest high wick, ...
USDCAD has been on a rampage and strongly bullish for some time now. It struggled with 1.3040 after multiple attempts, but since breaking it, it has shot up! As everyone hopefully knows in the FX world, nothing can go up forever...Although the overall trend looks bullish, I would be looking to short this market for a correction down. Potential retest of around 1.30ish
USD CAD looks great on every timeframe except the weekly...Looks like we could be inside of a falling wedge. 1.30 has proven to be strong resistance many times in the past, the weekly close candle looks like a hanging man. Crude oil dropped big on Friday, if we get a bounce in oil, this may drive UCAD down...
I'm going to watch to short this pair. It may continue to go down if it can't stand above red resistance zone. Try to find some good entries with reasonable stop loss.
Good evening traders,
Energy traders would have noticed the somewhat eery price action on oil prices recently. I believe that recently losses are attributed to:
- Emerging doubts over the degree of compliance with OPEC production cuts as Iraqi exports remain high;
- Concerns about the rate of market rebalancing;
- Rapid rebound in U.S. shale production following ...
So long as USDCAD trades above 1.31 this week, there's a case to be made for a bullish reversal on this trend line support (despite the recent spike in oil prices). If prices continue falling past 1.31 without any rapid sell-off, I will probably disregard this trend line. A strong break below would expose the 1.27/28 area in the near term. I would target 1.35/36 ...
