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.

WTI D1

WTI D1

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

USDCAD D1

USDCAD D1

USDCAD H4

USDCAD H4

2 thoughts on “USDCAD Looking for a correction 11-04-2016”

  1. Frederick f says:

    https://www.tradingview.com/x/K60MUtPv/
    here are my thoughts on us oil , i think maybe to S2 first… but i want to wait until oil inventories.. i think they will be large inventory build…

  2. Wayne McDonell - TradersWay.com says:

    I caught it on the EUR/CAD.

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