Choose One of these
You can see the price action on USDCAD upon touching the bearish trend line , it starts to recede once more. To confirm your assumption is right, compare that to the Oil commodity. It displays a bullish engulfing candle which is a bullish sign.
We can conclude the probability of Oil breaking above the resistance line at 40.53 is high and worth taking a long position after it has broken out.
So, you can either short USDCAD or long Oil. Nothing wrong with going after two asset class but you increase the concentration risks since they are both negatively co-related. If you are wrong, then your losses are doubled.
We can conclude the probability of Oil breaking above the resistance line at 40.53 is high and worth taking a long position after it has broken out.
So, you can either short USDCAD or long Oil. Nothing wrong with going after two asset class but you increase the concentration risks since they are both negatively co-related. If you are wrong, then your losses are doubled.
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