Anbat

USDCAD negative USOIL correlation!!

FX:USDCAD   U.S. Dollar/Canadian Dollar
96 3 7
I have read on line & verified per 1 DAY USDCAD             & 1 DAY USOIL             chart that it TRUE, about the negative correlation. The reason this pair is a COMMODITY related pair is CANADA economy is highly dependent on its UNITED STATES southern neighbor and exporting OIL             to it's country. Around 70 percent of all of Canada's OIL             is exported go to USD.

Please look how the USDCD chart and USOIL             chart--- you could print this chart out & fold the paper in 1/2 (half) and both side's would match up. *NOTE: When USOIL             goes up USDCAD             pair will go down & versa versa.

The personality of USDCAD             pair and USOIL             negative correlation you should keep in mind. Good Luck Trading!!!
Nightstar
6 months ago
I agree with your premise but I don't see the correlation anymore starting May 2016.. probably because the US Dollar printed a low and is currently in a bullish intermediate trend which will push all the way up to the Brexit. What do you think Anbat?
Reply
Anbat Nightstar
6 months ago
When price action of USOIL & USDCAD are close together they are in the YELLOW area of stop light (not Green or up & not Red or down). Both are in a neutral or 50% area & close to a major SUPPORT area on charts-- so that is why both price actions are close together. Once a TREND is obvious, then both price actions will REVERSE each other again.
Reply
Nightstar Anbat
6 months ago
I understand but.. I was just pointing out the fact that OIL and USDCAD (as of May 2016) are now moving together in the same direction and are no longer trending opposite one another. Long story short: They are no longer correlated ;)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out