USDCAD - CAD gains thanks to the rising oil prices
It seems that the Canadian Dollar may be the top gainer this week in relation to the US Dollar. The CAD could be appreciating thanks to rising oil prices after the hurricane Delta causes the closure of 92% of oil production in the Gulf of Mexico.
From the technical point of view, the USDCAD currency pair has ended a potential one to one corrective pattern with equal upward movements which are marked by rectangles. What is more, the recent upward movement consists of three waves labeled as “abc”.
The trendline breakout after simple correction and one to one pattern may lead the market to the nearest support areas at 1,3119 and 1,2994. It seems that the next potential support is set by the lower limit within the channel and the nearest resistance by the line drawn through the tops.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
From the technical point of view, the USDCAD currency pair has ended a potential one to one corrective pattern with equal upward movements which are marked by rectangles. What is more, the recent upward movement consists of three waves labeled as “abc”.
The trendline breakout after simple correction and one to one pattern may lead the market to the nearest support areas at 1,3119 and 1,2994. It seems that the next potential support is set by the lower limit within the channel and the nearest resistance by the line drawn through the tops.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.