Wayne spoke about this one yesterday.

Canadian retail sales coming up today and USDCAD is currently at the weekly and monthly profit-taking zone with a double top currently setting up on M15 OR price is on it’s way up to MR2/ WR2. We also have oil inventories later today. Due to inventories growing for the summer months the result may be a build and negative for oil prices which could weaken CAD. On the wires today, “UAE says oil undersupply is their main worry”


Monthly target. Bottom of previous range.


WM4 is the conservative target. WR2 is the aggressive target. MR2 is between WM4 and WR2.


Price came down off resistance, confluence of Daily M3 and WM4, broke the 21 and 55 and is now coming back up. Is a double top setting up as we head into NY? Is price currently making a lower high?

WTI Daily

The lower high at MM2 did not push price lower, MS1 support is currently holding. We would like to see WTI move higher to support CAD strength.


Price is coming up off the role reversal of the double bottom. Stoch is bullish. Will price make a higher high during NY?

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