CAD strength was the theme of the day over most pairs, starting in the European session as Opec seems to be making progress with Oil countries over an Oil freeze, even Iran seems to be willing to participate. Problem is that a freeze is not gonna stop production and reserves, therefore we could see lower prices in oil in the near future, and therefore a weaker CAD.  But for the moment Cad is taking back losses from fourth quarter last year, and we are still keeping an eye out for our support area between 1.335-1.345.

USDCAD D1

We can be looking to rejoin the downtrend on any retracement from today’s bearish candle. We would want to be careful though as we have not yet broken the rejection candle from february 4th and a move to the upside may still be in play.

USDCAD D1 17-02-16

GBPCAD D1

Major support was broken today in the GBPCAD. We would now use this as resistance and could expect for this pair to play a range for a while as the Stocastics and RSI seem to be showing an over sold market. We would be looking for any price action signal at our new resistance to rejoin the downtrend.

GBPCAD D1 17-02-16

WTI D1

As we mentioned on Monday in our Weekly Caddy post, Oil has given us a nice reversal signal at support, and has given us a few days to grab a good entry. For the moment, today’s bullish move was still contained as an inside bar, which normally indicates a continuation of trend, BUT it could also only be a grand retracement to Tuesday’s rejection candle. The markets don’t seem to be over bought just yet, but with everything going on we should be cautious either way.

WTI D1 17-02-16

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