USDCAD: Buy opportunity

FX:USDCAD   U.S. Dollar / Canadian Dollar
1973 11
The pair has broken out from a smaller degree correction to the up side and also broke an immediate downtrend, buying after a correction down looks good right now. The possibility of a major break to the upside is also now looking likely.

IMPORTANT: The setups posted here are not trade calls or signals and are intended for informative purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit http://www.thepiphunter.com and subscribe.
I'm more inclined to a short in this one, I think the new uptrend in oil will help it. I always like to look at ideas opposed to check.
+1 Reply
USDCAD & USOIL are negatively correlated so, higher oil will pull this pair down, not up...
+3 Reply
piphunters Bintang
sorry my mistake it was bit confusing not to mention a turn expected in oil after small upside, around 43-45 it's expected to come down again I believe
Nice chart. I agree with more up. I have levels of strong resistance around the 1.34 area.
+1 Reply
piphunters nahidik
thanks, also take a look at oil, gonna carry this pair up.
TraderGleR piphunters
ummm no. Rising oil = lower USDCAD.
+1 Reply
piphunters TraderGleR
oh i really not believe that buy option UC . The consolidation is more than clear ,
+1 Reply
we'll see
stream piphunters
this is a regular common answer , but the consolidation is finished , so suppose to know already ..

good luck
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