The red line in the chart above is weighted average CAD. The correlation is amazing. See where the red line is now! It is heading up and the best guess is to have OIL following it.
Also yesterday it attempted to go lower after visiting the EMAs but it completely failed. This is a bullish sign too.
The chart below is the weighted average CAD. First, see how the...
The pair its been on an upward trend recovering past months losses and is currently trading around the 1.3270 area after a slight reversal 1.330. With the Us dollar index following a steady bullish run and trapped within the 96.00-97 area and the oil prices (WTI) index starting a bearish trend after a bullish run for the past two months we can expect the pair to...
Weekly chart shows a more clear picture to me. We touched a major Weekly support at 42.295 in December and now we moved very strongly upwards.
The 200 EMA is is at 50% Fibonacci level, which could be next strong resistance, also the 38.2% Fibonacci level at 55.525 will be a key point, but I would like to see the price to reach 59.6 (up until 63.70 would be even...
After a huge drop in OIL price, recently this market has been forming an inverted H&S on daily Timeframe. The nearest major resistance is at 62. Whether it can reach to 62 or not, depends on USD and CAD as oil price is positively correlated to CAD and negatively to USD.
If the neckline breaks on OIL market we should be able to see USDCAD flag formation to be...
* Trade optimism boosts crude oil prices on Friday.
* Baker Hughes reports the largest weekly decline in rig count in nearly two years, so with a supply decline and demand rise will drive oil prices higher
* active oil rigs decreased to 852 this week from 873 to post its largest decline since February of 2016
-A downward trend is supported by the 200 EMA around...
1. The bullish run for WTI faced a critical resistance at $53 a barrel
2. We can expect a potential retest of $50 range if the the price breaks below the 51.50 which is acting as resistance
3. Main target for the bears could be the $50 or $49 range but there is also the 200EMA at $50 which is supporting a downward trend
*** A failure to break below $50 it can...
WTICOUSD before 56% rise. The exchange rate can turn out. That is why it is advisable to look for a long entry position for a recurring downward movement. The best RISK-REWARD site could be tested for 40-42 usd levels. If this happens again, the long-term target price can be 64 usd. At this point, the rise from that level means an increase of nearly 56%.
Demand is expected to fall. The International Energy Agency (IEA), cut its demand forecast for OPEC oil by 300,000 bpd in 2019. Given current economic trends, this is unsurprising. Global growth is projected to slow from 3.7% to 3.5%.
-Low demand compared to previous years
The exchange rate corrects. Main order decreasing. However, we are looking for long entry points for intra-day trading. The target price of the exchange rate is 53.3 usd. The current level is 15% increase.
Keeping the previous analysis continued, we slightly modify our expectations for the motion track and the target price. The slowdown in the exchange rate decelerates. Movement will look like a widening but downward-looking band. Correction and main waves can be the same size. Therefore, the trader may be a winner with trailing strategies. The target price for...
WTICOUSD up to 40 usd free fall. The exchange rate builds a second downward wave of a dual wave structure. Its size may be similar to the first one. Therefore, the current decrease could be about 23% from the current level. The exchange rate drops close to 39-40usd. Correction is made when the exchange rate is in contact with the axis of the wave axis. No further...
Not only did I rate the exchange rate movement, but I made a mistake in calculating the correction level. That is why I re-evaluate the course of the entire exchange rate movement. Based on the current data, it is assumed that the exchange rate will continue to decrease. Currently, a correction has begun which may last up to 58usd. Then we expect another downward...
WTICOUSD is approaching a round. At the same time, it can not be excluded even to a 58usd level. We do not expect any further downward movement. The upward dual wave structure has a target price of 69 usd.
Our assumption is that the exchange rate has reached the bottom of its decline. No further falls are expected. This adjustment level can be given by an ATR axis that is identical to a valley axis. The rebound is initially uncertain. We expect a triple rising wave structure. The third wave target can reach 80 usd levels.
We expect further increase from this level. Before a larger lift we expect a triangular movement in the triangular shape. In case of an outbreak of this form, the exchange rate is expected to be close to 89 usd levels.
I'm think of shorting down to 67.8 as we didn't break resistance and see how strong the support is below before making the next decision.
Weekly and Daily support a Short move.
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