Spotlight this week – USDCAD

usdcad

Still USD strength left. USDCAD obviously strongly correlated with WTI. However, I feel that 1.42/43 is a turning point that I’ll be watching for.

WTI H4

WTI D1

WTI W1

Open interest has recently dipped as has volume very slightly while price has risen. That’s a bearish signal but long term that big period of accumulation would lead me to think we are going higher. This combined with my USD bearishness gives a good case for longer term oil strength.

 

 

 

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One thought on “Spotlight this week – USDCAD

  1. Pingback: Spotlight this week – USDCAD — David Belle FX – CFDs Education

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