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Analysis up on #USDCAD
Hello friends.
the correlation between USDCAD and Oil, this correlation could as high as 90% correlated as there are some instances where both markets could go up together and down together but it is rare.
As you can see on the chart ever the old strong and bullish you stand no chance of buying USDCAD, many traders do not understand this, even if the dollar is strong you can not buy it against the CAD, and by the way, even if the economic numbers of the Candian economy is weak, it does not matter as long as the Oil prices keep going up, relatively speaking.
Look at the chart I highlighted for you a couple of areas to show how these markets move against each other, and since I expect the OIL market to continue going up to test $70 and maybe 80$, why not. the USD will continue to move down toward 1.2200 - 1.2150.
Even on other pairs like EURCAD, GBPCAD, etc, the Candian Dolar is destroying them all, so be careful.
So maybe it is better to keep looking to sell USDCAD or buys on USOIL.
Safe trading everyone
Check today analysis below⠀
>> "In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.” - Peter Lynch"
_____________________________________________________________________________⠀
-Disclaimer: This information is not a recommendation to BUY or SELL. It is to be used for educational purposes only⠀
-Please note this is just a PREDICTION and I have no reason to act on it and neither should you
Analysis up on #USDCAD
Hello friends.
the correlation between USDCAD and Oil, this correlation could as high as 90% correlated as there are some instances where both markets could go up together and down together but it is rare.
As you can see on the chart ever the old strong and bullish you stand no chance of buying USDCAD, many traders do not understand this, even if the dollar is strong you can not buy it against the CAD, and by the way, even if the economic numbers of the Candian economy is weak, it does not matter as long as the Oil prices keep going up, relatively speaking.
Look at the chart I highlighted for you a couple of areas to show how these markets move against each other, and since I expect the OIL market to continue going up to test $70 and maybe 80$, why not. the USD will continue to move down toward 1.2200 - 1.2150.
Even on other pairs like EURCAD, GBPCAD, etc, the Candian Dolar is destroying them all, so be careful.
So maybe it is better to keep looking to sell USDCAD or buys on USOIL.
Safe trading everyone
Check today analysis below⠀
>> "In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.” - Peter Lynch"
_____________________________________________________________________________⠀
-Disclaimer: This information is not a recommendation to BUY or SELL. It is to be used for educational purposes only⠀
-Please note this is just a PREDICTION and I have no reason to act on it and neither should you
