usdcad has been trading over the 1.3 range most of the year but seams to be limited on the upside now with weaker rallies. WTI showing strength. At these prices the cad seams undervalued. My view looks like WTI will rally more which should begin to give strength to the cad. Possible that usdcad visit 1.20 again? From the chart it is giving signs it could. ...
week longs have been liquidated maybe the week shorts will be next. fib retrace from the last wave .382 was at 1446. and the fib retrace from the total move .23 was at 1450. These levels likely to give support for a push to at least 1488 .23 fib retrace. Drew out some channels to give possible trendlines.
twice now we have had monthly inside bars with usdcad.
with potential breakout of this area is it ready for a long term short trade. trade idea is to sell usdcad with target of 1.21 stop at 1.36 nice RR for a potential long term trade.
big gain in wti last week. WTI the true measure of the dollars value not gold not bitcoin. Has the potential to go much higher imo. breakdown of 52.4 would see further losses. have drawn out a potential channel to the upside to be completed or a potential flop if the market reacts to an oil glut.