No one likes the US Dollar, but....No one likes the US Dollar but....
This weeks dollar moves has been challenging to say the least. Sticks down you’d think Dollar up. Right? Yet the Dollar was slightly down or just mixed. Gold was looking like a breakout was in play but no! Followed stocks a bit—this also should have said Dollar get a move on. Not yet!
Oil moved higher into my resistance zone of 41-42 for the WTI, and that too showed dollar weakness.
But on the flip side there was USDCAD
Yes the CAD. Dollar weakness, no, just the opposite. The 1.3140-1.3100 or the right side shoulder of an inverted Head and Shoulders pattern on a daily chart held strong! Even in the case of higher oil prices.
All week long I’ve been building a core position to the long side because imo if this one gets more stock selling and if WTI ( oil ) stalls and then dips farther, the stage will be set for a squeeze play. If USDCAD gets above the 1.3250-80 zone I feel it going to push the 1.3350-1.3400 daily fast.
As always this is my plan and views. Trade your plan. This isn’t trading advice, but a different trading view and I hope you use it as educational rather then blindly following along. If you do however the risk is all yours.
All the best everyone.
