moemia
Long

Correctional Phase is over + Crude News

FX:EURCAD   Euro Fx/Canadian Dollar
72 0 0
Well we can see here that the pair is reaching the end of its correctional phase technically from its previous spike. So from here we can expect a reversal in the short term bearish trend .

As such the Canadian Dollar             is highly correlated with Crude prices as it is Canada's #1 export commodity, this means that the further fall of Crude may indicate the weakening of the CAD. By the looks of the charts we have already tested the psychological level of 40.00 and analyst believes that it may well reach as low as 20.00. This is because there is simply 'Too much Oil             Stock' in inventory and refining processes have completed the seasonal maintenance work for the winter.

(Sources: Financial Times, FXStreet, Bloomberg)

Finally as we watched the dovish speech from the recent ECB Meeting, they are still on track to loosen policy at the next December meeting.

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Happy Trading
Comment: **UPDATE** Fed has announced a surprised Liquidity Swap for today which I believe should be around sometime in the afternoon. I am looking to catch the news as I believe that it should be swapped with either the EUR or YEN if the announcement is made but at the moment it's still tentative but for most cases it may be a Rate Hike. Any cases, the USD is looking like it may drive towards the upside of against the currencies. But in the meantime, expect some volatility in the markets today and even the EURCAD!
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