simonsays452

USDCAD on hold until oil resolved

FX:USDCAD   U.S. Dollar/Canadian Dollar
89 0 1
snapshot

Oil's bearish trendline has done a good job at keeping a lid on any buying impulses recently. Yesterday, we saw a strong rejection at this resistance. Overnight and this morning, we're seeing some consolidation right below the $31 level. We could see a bullish breach when pit trading opens at 9am. Today is an oil             futures options expiration day. These are typically bullish days for crude. $30 puts expiring at 2:30pm have massive open interest @ 13.3k contracts. I find it unlikely to think dealers won't be strongly supporting the front month contract above that $30 level. We can't see subsequent weakness in CAD with a bounce higher in oil             . I would take some profit here and wait for resolution with oil             today before adding to a long position.
Trade closed: target reached: Overnight, we saw USDCAD trade through stops all the way up to and beyond our target of 1.4500. My closing order was filled. I re-entered and see even further room to the upside. Will post a new idea with the next target.
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out