USD/CAD 15 minute Double Bottom! - Demand Destruction in play?

Paying close attention to the pair over the last week, and seeing some nice rejections of the supply zone and now seeing a double bottom on the 15 minute time frame.

Seeing how China is struggling and there is a global slow down, I can't imagine Oil being strong this month, therefore I expect this pair to bounce back to 1.325 - 1.33 before the next decline to 1.31500 area.

Comment:

There is too much weakness in the pair, there would need to be substantial drop in Oil prices and strength in USD to bring the pair back up.

Any rallies in this pair will be met by sell demand. Might be worth waiting until Tuesday to jump into this pair, I'd recommend scalping from Friday's lows for any quick buys and selling from 1.33

Comment:

Core consumer inflation measurings for CAD came out now, and it's a massive miss on both which is weak for the currency, expecting to see a slight movement of the pair, again due to limited liquidity today, can't expect the pair to move much, but tomorrow this may move.

These readings are showing demand destruction is happening in CAD.

IPPI m/m
-1.0% -0.3% -0.6%
CAD
RMPI m/m
-4.9% 1.7% 1.8%

Comment:

Looks like the pair is grinding higher as expected, though there are a lot of sellers waiting at key levels. Scalping this pair for today.

Comment:

Partial TP taken, great USD bounce, Oil down to be the perfect catalyst for the pair

Comment:

Second tp taken, seeing the bullish momentum slowing down