Today’s Move in WTI Crude could Mean Trouble for the Canadian Dollar

//Today’s Move in WTI Crude could Mean Trouble for the Canadian Dollar

Crude broke out above the downward sloping trendline of a triangle today. However, it also closed down 0.28% on the day. After breaking out, Crude turned lower on the day and moved back into the triangle, in negative territory for the day. This candlestick is a doji candle and is considered to be a candle of indecision. In contrast, USD/CAD continued its moved lower today (CAD higher) from the bearish engulfing candle put in last week. The pair is hovering around the 61.8% retracement level near 1.3148 from the July 19th lows to the September 3rd highs. Trendline support comes in roughly 50 pips lower near 1.3100. … (full story)

2019-09-11T11:21:32+00:00