CapMoore

Daily TL support may help the Cad ST if it holds up.

FX:USOIL   Crude Oil (WTI)
120 5 1
Daily TL support may help the Cad ST             if it holds up. A break will be significant
and give nice opportunity to short the Cad.
Thank you, very interesting and tutoring.

What's your opinion on the mechanism of CAD/WTI correlation? Is that Canada oil-producing country?
Reply
I apologize for using wrong 60-min scale on the graph. Here is the correct one:
snapshot


You are right, most of the time the correlation is negative.

What are you saying by vertical blue lines? That corresponding maximum and minimums can be shifted in time?
Reply
I picked some extremes (not all) to highlight CAD weakness vs USD when US OIL weakness.
Correlation can be broken during shorter periods or less clear (decoupling) but after a while
it returns. Oilprice hasn't yet clearly broken lower. It has returned to that trendline. It reamains to be
seen if it was a false break out , in that case shorting USDCAD would be very attractive at this extended
level it is at.
Reply
I don't see any pattern of a correlation:
snapshot
Reply
The overlaid chart is very compressed but still CAD has very good correlation with Oil.
You just need to look.
Reply
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