Revised R levels for USDCAD
USDCAD cut MA8 in a bullish manner. Given strength in USDollar Index (in blue) and drop in USOIL (in Red) and the strength of this momentum. Possible reversal in the last 3 months trend.
Fundamentals concur - Look at my post about excess OIL inventory buildup. Till that Glut is over, the long term direction for CAD will be down except for weakness in US Dollar Index and OIL retracements . Global volatility may drive up USD even if fed intends the other way. Donald Trump's nomination might dent S&P a bit temporarily due to uncertainty but his protectionist approach will lead to global volatility which may make USD stronger.
Just my 2 cents. Calling a reversal but still trading cautiously.
Fundamentals concur - Look at my post about excess OIL inventory buildup. Till that Glut is over, the long term direction for CAD will be down except for weakness in US Dollar Index and OIL retracements . Global volatility may drive up USD even if fed intends the other way. Donald Trump's nomination might dent S&P a bit temporarily due to uncertainty but his protectionist approach will lead to global volatility which may make USD stronger.
Just my 2 cents. Calling a reversal but still trading cautiously.
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