USD/CAD recently shifted from strong uptrend based on falling oil prices and NAFTA issues to strong downtrend after OPEC announced an extension to production cuts. Right now we are testing a breakout of the downtrend, we could see a possible break to the upside or if prices stay within the trend we could retest support for a bounce or further downside. The direction we go will probably be determined based on fundamentals (NFP friday, FED rate hike, OPEC decisions) so keep in mind. A couple scenarios to keep an eye on.
Note
Confirmed break of TL, created a higher low. Looking to retest support/ TL to see more upside, correlates with falling oil prices.Trade closed: target reached
Great! Picture perfect trade, correlated with a drop in US oil.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.