USDCAD long on retrace.
Oil topping at 49.5, long wicks formations in 4H, it's looking for a mild correction. Besides opec news and baker hughes rig drawndown, inventory levels for oil and gasoline doesn't show a strong rally for oil, plus it's demand for oil in winter is less.
US-CA 10Y widening again to -74.5
BOC tomorrow, could be dovish given all the slowdown around the world.
Trading plan - should 1.3315 break, look to go long in 4H candle (with tight stop given it's BOC day tomorrow) tp 1.3430
If BOD is hawkish, wait for PA to settle and go long for oil reasons.
Oil topping at 49.5, long wicks formations in 4H, it's looking for a mild correction. Besides opec news and baker hughes rig drawndown, inventory levels for oil and gasoline doesn't show a strong rally for oil, plus it's demand for oil in winter is less.
US-CA 10Y widening again to -74.5
BOC tomorrow, could be dovish given all the slowdown around the world.
Trading plan - should 1.3315 break, look to go long in 4H candle (with tight stop given it's BOC day tomorrow) tp 1.3430
If BOD is hawkish, wait for PA to settle and go long for oil reasons.
Trade active:
trade initiated at 1.3287, SL 1.3243, tp 1.3430
Comment:
adding a lot @ 1.3238
Comment:
ended up adding another lot at 1.3187, HUGE pin bar forming in all TF, Oil prices heading lower after DOE report, even though there was a draw down, huge gasoline and distillate stock shows inventory might build going forward.
oil at 4H