CapMoore

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

FX:USOIL   CFDs on Crude Oil (WTI)
120 5 2
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:

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:
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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