CAD Retail Sales set to support strong CAD. (OIL to rise today)
The Canadian Dollar is currently at strong resistances against the USD and EUR.
CAD has recently taken a beating against most of its counterparts, that beating started after the BoC meeting earlier this month.
REASONS FOR STRONG CAD
The strength would come from fundamentals as I expect/believe that today's Core Retail Sales will come out rather positive further to this I also believe that the Crude Oil Inventories will support stronger Oil.
My research indicates that today's news will support the CAD and OIL.
Technical indicators are always rather strong... we are at a key resistance level.
So all in all I will be buying CAD today and I have an OIL position from yesterday.
CAD has recently taken a beating against most of its counterparts, that beating started after the BoC meeting earlier this month.
REASONS FOR STRONG CAD
The strength would come from fundamentals as I expect/believe that today's Core Retail Sales will come out rather positive further to this I also believe that the Crude Oil Inventories will support stronger Oil.
My research indicates that today's news will support the CAD and OIL.
Technical indicators are always rather strong... we are at a key resistance level.
So all in all I will be buying CAD today and I have an OIL position from yesterday.
Comment:
This trade is more directed to fundamentals than it is to technicals, even though technicals suggest bearish pressure, I am still putting my money on the news coming out later today from Canada.
Comment:
CAD RETAIL SALES were good but not good enough... the Crude Oil Inventories were also supportive for Oil.
I still expect CAD to strengthen, I believe this will happen by the end of this week.
USDCAD: Double top. Price will shoot down soon.
I still expect CAD to strengthen, I believe this will happen by the end of this week.
USDCAD: Double top. Price will shoot down soon.
Comment:
So USDCAD dropped hard. I still believe there is room for further bearish movement to at least 1.35