The path of least resistance for the pair should be higher if one takes as reference the slope of its two most correlated instruments (DXY + Oil). The DXY in magenta leaves no room for doubt. Even if the 25-HMA slope in Oil (thin red line) was to turn south, there is still a significant macro divergence in favor of the USD/CAD as the 125-HMA (5-DMA) demonstrates (thicker red line). The fact that the pair trades higher than its pre-blockbuster Canadian jobs report is a clear testament that even if an episode of selling pressure may occur due to economic data, the flows are in favor of the bulls here.
👉👉 Join The OFA Inner Circle:
📓📓Learn Order Flow like a PRO:
www.ofa-course.com
🧑🏫🧑🏫 Author of the #1 Order Flow Script:
www.tradingview.com/script/WhQSEfKT-OFA-Order-Flow-Analysis
📧📧 DM me if doubts (100% response rate)
📓📓Learn Order Flow like a PRO:
www.ofa-course.com
🧑🏫🧑🏫 Author of the #1 Order Flow Script:
www.tradingview.com/script/WhQSEfKT-OFA-Order-Flow-Analysis
📧📧 DM me if doubts (100% response rate)