We can see that the correctional uptrend is at the boundary of a major long term resistance (Jun 2010). If the correction is an ABC pattern, which could very well be, than we may see oil prices winding down back to 44$ a barrel from the current level of 70$. Now, what would that mean? We know that USD/CAD pair is highly oversold and at levels, where a bounce back is almost imminent. At this point, when the oil starts going down, this may create a better long setup for the USDCAD pair.
Comments
kHylnkHyln
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Please, is there any updates and where are we heading?????
Thanks
gamexpress
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$25 a barrel possible. Global deflation in progress . Commodities across the board heading lower. It does not look good.
Thanks