FXHEET

Potential USDCAD Swing Trade Sells

Short
FOREXCOM:USDCAD   U.S. Dollar / Canadian Dollar
I closed my buys yesterday and starting to look for sells now.

DXY has been bullish the last couple days but it looks like it may be topping out. It has reached the structure highs, 0.612 fib zone (from the weekly perspective) and a key level which I am expecting to resist for this idea.
For DXY , keep an eye on 92.5 area and 92.665 area.

USDCAD is currently at a weekly key level support and LTF Bearish Structure support , respected since the end of Jan. I am hoping for one more surge to the upside creating a fakeout liquidity grab and then strong push down. There could be some consolidation in this area before we see that strong downward move.

The current USDCAD structure appears to be a corrective structure of the HTF bearish structure, it could create a downward move to break the lows and extend as far as the -0.272 fib level.

Invalidation: A daily candle close above the 0.786 fib.

Let me know your thoughts.

Trade Safe!
HEET
Comment: The Suez Canal and the Importance for Crude Oil Prices
Mar 25, 2021 8:30 PM +09:00
Justin McQueen, Analyst
The Suez Canal and Oil Analysis - Talking Points:

WHAT IS THE SUEZ CANAL?

The Suez Canal is among the top chokepoints for global oil trade, other key waterways include the Strait of Hormuz. The Suez Canal is the quickest sea route between Asia and Europe, which connects the Reds Sea and Mediterranean sea.

The Suez Canal and the Importance for Crude Oil Prices
Source: BBG

WHY IS THE SUEZ CANAL IMPORTANT?

According to the EIA, roughly 9% of total seaborne oil passes through the waterway, while Vortexa notes that the top 3 exporters of crude through the Suez Canal is Russia (546kbpd), Saudi Arabia (410kbpd) and Iraq (400kbpd), with the top 3 importers being India (490kbpd), China (420kbpd), and South Korea (380kbpd).

IMPACT OF CURRENT BLOCKADE

A skyscraper-sized container ship, Even Given (400 meters long), has become wedged sideways in the narrowest path of the Suez Canal, subsequently blocking the pathway for other vessels and tankers to pass. As such, Vortexa has estimated that as many as 10 tankers carrying 13mbpd could be affected by the traffic disruption, which in turn has provided modest support for oil prices in the face of the recent bearish trend.

https://www.dailyfx.com/forex/market_ale...

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