USDCAD: Oil Outlook Looking Good Again
Mis à jour
USDCAD Timeframe: 1D
Direction: Short
Confluences for Trade:
- Bearish candle formations
- Price action can't seem to break and stay above the Horizontal Resistance Trendline
- Price action reversed off middle of Parallel Channel
- Stochastic near Overbought momentum
- Fundamentally, the temporary truce between Trump-Xi trade war should be a positive to global demand sentiment; which is positive to oil (highly correlated to the CAD economy). This should provide a boost to the CAD alongside a more dovish FED. Expecting price to have a gap down when market opens but the trade should still be strongly towards risk on trades for a longer-term hold. Also, the extension of OPEC+ to manage oil is going to be good news.
Suggested Trade:
Entry @ Area of Interest 1.3240 - 1.3330
SL: 1.3393
TP: 1.3033
RR: Approx. 2.33 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Transaction en cours
Trade fermée: ordre d’arrêt atteint
Bank of Canada have a more dovish tone and affected price action.
Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.