1. Hello Guest Do you know binary.com offers exclusive $20 No Deposit Bonus for FX Binary Point visitors? Click here to sign up

USDCAD symmetrical triangle downside break

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Joined:
    Oct 7, 2015
    Messages:
    27,524
    Likes Received:
    0
    The USDCAD continued to drop after a bearish breakout of the bottom triangle trend line and its exposed to more downside risks. On April 17 the meeting of OPEC and Russia will be held to confirm oil production cut backs. So far they have agreed to cut backs as they control 75% of world oil supply. Generally that is good for oil and oil price could keep climbing. Remember CAD is positively correlated to OIL, so OIL up CAD up too, and that means USDCAD down. Technically we see a symmetrical

    Continue reading...
     

Share This Page