The beginning of a new uptrend? Hello Traders,
The previous week offered a decent intra-week opportunity for me to short oil for a 2 day hold on the short (covered on Friday at daily 200 MA).
Now on to longer time-frame opportunities with oil and oil related assets. Overlaid on the chart is an area chart of WTI Crude Oil (ticker: /CL). With the potential for further weakness in the black gold we can see the Canadian Dollar trade lower thus pushing USD/CAD above 1.3600 opening the way for the currency pair to trade back up to 1.400 - 1.4500 continuing the trend higher.
Keep an eye on crude breaking/bouncing on the ascending trend-line and daily 200 MA.
The trade:
No position until we get Daily close above 1.3600.
Upon a break I'm committing 1% risk to the position.
Stop placement will be determined upon a break above 1.3600.
Moving Averages:
We remain bullish on the bullish 10EMA/50MA crossover.
Trading well above Weekly 200 MA.
"A man does note have to marry one side of the market till death do them part." - Edwin Lefèvre
Monthly Bar Chart:
Daily Bar Chart:
