LOONIE Looking To Hit 1.29000 Level. OIL The Main Driver!
Oil is the main driver behind the CAD pairs and with the OIL market slowly recovering aided by the sanctions on Venezuela's OIL exports by the US and the cooperation among the OPEC AND NON-OPEC Producers. Many see the OIL market recovering in the near term and to further strengthen the technical picture, there is an already completed head and shoulders pattern on the US OIL chart.
The greenback has started this year strongly but with FED pausing the rate hikes and thinking to start unwinding of their balance sheet later this year gives the USD modest strength to perform this year. However if compared to LOONIE, the greenback is not that strong based on fundamental picture for time-being.
Looking at the main chart for the USDCAD pair, the weekly timeframe has confined the price to a long term trendline. Should the weekly trendline break together with weekly 50 EMA the price will likely be heading to test the lower trendline present at around 1.29000 level!
Shall the criteria meet, i will update the trade details in a new thread. this just represents my analysis on this current pair. cheers
The greenback has started this year strongly but with FED pausing the rate hikes and thinking to start unwinding of their balance sheet later this year gives the USD modest strength to perform this year. However if compared to LOONIE, the greenback is not that strong based on fundamental picture for time-being.
Looking at the main chart for the USDCAD pair, the weekly timeframe has confined the price to a long term trendline. Should the weekly trendline break together with weekly 50 EMA the price will likely be heading to test the lower trendline present at around 1.29000 level!
Shall the criteria meet, i will update the trade details in a new thread. this just represents my analysis on this current pair. cheers
