The Canadian Dollar Might Be Providing Clues About the Direction of Crude Oil

One signal that Crude Oil could be putting in a significant low is being flashed by the Canadian Dollar, which has reversed from its plunge versus the Dollar.

Let's notice on the lower chart that USD/CAD rocketed through its upper-channel boundary line one week ago, followed-through to the upside as Oil plunged beneath $30, but has reversed sharply (USD/CAD) from nearly 1.47 to 1.42 (CAD has strengthened)-- and has pressed back inside of the upper-channel line... suggesting that Oil could be poised for a pop to $30-$31 in the upcoming hours.


  Matched
x
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!