I’m gonna start this post looking at Oil and how even though we have seen some bearish movement we still haven’t broken the main support area, and we have been seeing some bullish spurts in the past few days. Most signs are telling us that Oil might want to stay on the rise until the beginning of next month at the OPEC meeting.
With that being said the USDCAD pair has been losing momentum in the past few days and seem overdue for a retracement. Seeing as this pair lifted off like a rocket last week this could be a good chance to regain bullishentry around the Weekly pivot point of 1.275 IF we see slowing down of CAD strength. If not then we may see this hit as a double bottom or just keep going depending on the outcome of Oil will of course.
Events to look out for
Oil inventories today at 1030