Looking at the 1H chart, we see 2 possibilities.
1. It touches the channel top and like the preceding patterns, heads south.
2. It breaks out of the channel and charge higher towards 1.46 level.
Implications :
1. For USDCAD to heads down ,that means USOIL has to go up. If this is true, are we seeing a bottom out for USOIL ?
2. And if this is true, does it means my analysis of Oil is right ? That it has more room to go below 20 bucks ?
The challenge is we are still slush with excess oil by the producers .Unless the surplus is cut down, it is hard to forsee any rise in Oil price.
I shorted USDCAD from 1.42 to 1.40 but when it pulls back strongly, I was too slow to react . I managed to get in at 1.413 level and currently is ITM. I will stay with the trend for a while and see how it goes......
1. It touches the channel top and like the preceding patterns, heads south.
2. It breaks out of the channel and charge higher towards 1.46 level.
Implications :
1. For USDCAD to heads down ,that means USOIL has to go up. If this is true, are we seeing a bottom out for USOIL ?
2. And if this is true, does it means my analysis of Oil is right ? That it has more room to go below 20 bucks ?
The challenge is we are still slush with excess oil by the producers .Unless the surplus is cut down, it is hard to forsee any rise in Oil price.
I shorted USDCAD from 1.42 to 1.40 but when it pulls back strongly, I was too slow to react . I managed to get in at 1.413 level and currently is ITM. I will stay with the trend for a while and see how it goes......
Note
Praise the Lord. Again and again, his blessings continue to rain on us, traders !Note
cnbc.com/2020/04/01/the-oil-price-war-could-persist-until-year-end-analyst-says.htmlLooks like we are going to see some whipsaw price action until they sort out the production issues.
Note
Nice, it comes near to the top of the channel and reverse downwards....Let's wait for Trump's meeting with the Oil producers and see the outcome of the meeting
Note
notice something interesting about this pattern ? 31/3/20 2200 hours, 01/04/20 2000 hours, 02/04/20, 2200 hours, 03/04/20 1900 hours- all candles show price rejection at the upper channel.
What does the price action trying to tell us ?
And there is strong support at 1.409.
My take is each time the buyers try to push it out of the channel, the sellers attack them and same for the sellers when they try to push it below 1.409 level, the buyers push it higher.
Early next week, we shall see if the price breaks above or breaks down.
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.