Hey traders, in this week we are monitoring USOIL for a buying opportunity around 84.5 zone respecting the bullish channel in combination with the positive CAD data and USDCAD descending market and the strong negative correlation between these two pairs, once we will receive any bullish confirmation the trade will be executed.
Trade safe, Joe.
Last one for the night.
USDCAD has had me fooled with this incredible climb it did for about a month straight. Spotted the channel it was in and realized that it to has reached the top. It is currently now consolidating but it won't be long now until it drops back to the lower trend line.
I think it might be a good time to trade this pair, short oil, long cad. You can size each leg based on volatility, to risk 1% per side, if price moves against you by 3 times the average true range value of each instrument. Once the spread closes or is close to closing you can get out of both trades.
Good luck,
Ivan Labrie.
