Price is retesting the mid-June Breakout of the down trendline. There is also confluence with an upward trendline and lots of congestion at this price level dating back through 2016. Price is still above the 200SMA also in an uptrend. Lastly the Stochastic is looking oversold and looking for a fresh cross back to bullish. Stops at 1.2930 and initially targeting the double touch at 1.338 then eventually 1.377
Fundamentally I also think the Canadian Economy has much more to lose in the Trade war with the US. I also don't see oil sustaining price much above current levels.
Fundamentally I also think the Canadian Economy has much more to lose in the Trade war with the US. I also don't see oil sustaining price much above current levels.
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