FX:USDCAD U.S. Dollar/Canadian Dollar
USDCAD ....A lot of energy is building in this pair with a pattern on the weekly chart......upward breakout coming soon to retest the high of 146.00...wait for a daily break over 132.00 and then long...or its good to buy at lower around 130100....lower is strong......If CAD is up then good chance oil will go up with it....so watch the oil too...
Comment: Daily chart
Hi Trendhopper and other experienced traders, I was just tolled that USD/CAD and Oil have a negative correlation. If this is correct and I understand right if Oil is going up USD/CAD suppost to go down and if Oil goes down USD/CAD is going up? and somehow I could use this to reduce my risk when trading oil. So if I go short in Oil I would go short in USD/CAD so that if Oil goes long instead of short this would reduce my losses? Possibly there is and expert here that can explain this better?
Generally speaking if oil goes up USD/CAD goes down, CAD has all the power....The graph above was looking like ascending trianlges when I posted ...but if you look very closely the previous high was lower that the one before which is why it brokedown and hadnt repeatedly touched the upper trendline....Im really an intermediate level trader.....a tip on trading...only 10% of traders make money from the other 90%...a beginner will lose money, an intermidiate will win some/lose some and end up breaking even or thereabouts ...only the expert make lots of money...we can all be experts one day...just learn from every mistake...so play with a demo account first, you need about 500 -1000 hours of studying chart patterns, fibonacci, elliot wave theory, trendlines,,,etc ...you need to understand that currencies will follow fibonnacci, oil and gold are more elliot wave with fibonnacci as a secondary tool...good luck....