Pure technical analysis of Oil and USDCAD. For a view on the USDollar and US10Y please go here
The 21 and 55 indicate a bearish market though price action shows that we are currently range bound. Price is bearish though currently oversold and at support with support below 49.00/ 48.50 eyed at between 48.00 and 47.00. Resistance eyed at 52.00 and 53.00/ 53.50.
Market is bearish though price is sideways. Price has failed to break below 48.50 even after coming off the 21. Price action shows a range between 50.00 and 49.00/ 48.50. Trapping price and waiting for a break makes sense while keeping an eye on weekly and monthly pivot points for confluence with price action support and resistance.
Market and price are both bullish. Price came off of resistance at 1.37 on Friday after breaking above the monthly bullish target. Support eyed at 1.36 and 1.3550.
Market and price are both bullish. It is not recommended to sell this pair while price is above the 21 though with price above the bullish target for the week a counter trend trading opportunity may present itself with a target of next week's central pivot. Bulls are going to buy at the 21 and 1.36 is definitely support so be very careful if you are considering a counter trend trade. A conservative Bear would wait for a reversal pattern to be confirmed while a Bull would buy at support and ride the trend until the end.
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