$USDCAD: Lagging oil...

I plotted inverse oil here vs $USDCAD, it seems there's a nice opportunity for a big short to close that spread. I'm long $CADJPY and short $USDCAD from earlier today, now made some time to post the weekly signal in $USDCAD, which is cooking here. If price breaks 1.24603, a weekly down trend with a target @ 1.16536 will be active, predicting a 18 week decline is setting up. Stop loss for this setup should be a bit above the light red horizontal line on chart.

Best of luck,

Cheers.

Ivan.

Transaction en cours:

Commentaire:

This one isn't doing much yet, action in the Yen is surpassing that in the $CAD, oil moved up but $CAD once again under performing it today...I'm holding and waiting.

Commentaire:

Holding $USDCAD...

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Daily target hit:

Weekly is still valid, so, holding it...

Commentaire:

I correct myself, the big signal here is in the monthly timeframe, not weekly.
The local weekly trend is smaller, and part of the swing from the last top 8 weeks ago.

Here it is in monthly scale, in all its glory, plotted vs inverse oil.

Commentaire:

4 more weeks to go before consolidation in weekly scale. (this can trigger a monthly signal, which might justify holding it)

Trade fermée manuellement:

Banked it here, will wait for a new daily set up to rejoin, the weekly trend is active, monthly not yet. Oil daily trend expires in 1 day, some consolidation in oil related names is possible.

Commentaire:

It did go lower so far, didn't give me a chance to rejoin.

Transaction en cours:

Back in the saddle, again. I mean, continuation signal.

Commentaire:

The long signal that popped later worked, after the short was stopped out again. I didn't update this here, my bad. I did trade it, but caught half the move only. Tricky moves lately.