We have US NFP today and also OPEC decision, which can move both USD and WTI.
It is time to setup a stop sell entry for USDCAD , who knows, maybe we'll have a negative NFP ( USD) and a positive OPEC decision (production cut -> Oil )
- setup is biased but momentum has been lost since 23/Nov spike above 1,34. Tenkan, kijun and Kumo components all point flat (averages has not really been changing)
- Heikin-Ashi also shows undecision: choppy candle pattern with some small red, small green candles and dojis included. haDelta/SMA3 stuck at zero -> no direction
- is absolutely neutral, impossible to read. price is exactly at the thin Kumo and Kijun Sen.
- Heikin-Ashi right now shows exactly same undecision as on .
- lower break level is ard 1,3315. Below that space would open to an initial quick dip to 1,3150-1,3200
From current level anything is possible, but if something can not go up for so long, that will probably come down. Anyway "what goes up, must come down!".
Strategy: Set up a stop sell below 4H Kumo!
Alternative trade idea: since is extremely low, buy either a put spread on USDCAD FX, or a call spread on CDH6 ( ) . I do it on contracts: Feb/16 +0,7550/-0,7750 Call spread
In that case commodity ccys will start to perform a bit better.
So it may be a good one. We'll see