Market Focus: Oil and USDCAD Price Patterns
Hi, traders, today we run over some of the solid rallies seen from risk markets and breakdown the continuing triangle patterns on oil and USDCAD daily charts.
Oil retested the triangle bottom yesterday before buyers kicked back into gear taking price back to the top of the pattern. USDCAD, which normally moves in the opposite direction to oil due to its inverse relationship, has moved back down to the pattern base and sellers have just started to test a break. Will we finally see some breakouts today, or will we see these markets maintain their consolidations?
News to come;
22:30 AEST – CAD Canadian Retails Sales / Core Retail Sales
Today’s Market Analysis Video