Looks like we have a bullish scenario here. With the 20 moving average supporting on a trend line with hidden bull divergence. I think this could be a good potential long if we manage to break that long term resistance that has been able to stop price moving higher for so long. If oil continues down into next weeks trading, this will immediately add synergy to this trade.
For longer term investors of USDCAD, you're going to want to secretly hope for Oil to break below 2009 demand where USDCAD will pick up significant points and oil will plummet.
Best of luck, Tom
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Comments
stream
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at least will try to break ...
TomProTrader
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Yep. which is why my idea is titled with- "can we?"
Tom
IvanLabrie
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haha :p
Can we?
I think we can.
stream
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yes we can ..then we will fly down .. in any case
IvanLabrie
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I'd rather not jump to conclusions...I trade on a per swing basis.
stream
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there is already break throu 1.38 , now short to 1.275 .. Good luck ..
IvanLabrie
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Was looking at this one. Can be a great rally once this is broken up.
I doubt the upside in oil personally but you never know.
TomProTrader
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I'm glad you doubt the upside in Oil, because I'm anticipating the downside.
Tom
IvanLabrie
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You know my view on Sinopec, China, Oil...not looking good imho.
Cheers mate!