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USD/CAD Big Trade 02.15.2016 +67
2/15 BK USD/CAD Big Trade -- Close here at 1.3776 for +67
Big Trade -- USD/CAD
Sell USD/CAD at market (now 1.3842)
Oil prices are rose 10% on Friday and another 1% this morning. USD/CAD should be trading much lower especially with risk on this morning. We haven’t heard anything yet from Saudi Arabia but there’s a lot of hope that OPEC may finally agree to a production cut. Also their lack of denial which usually comes quickly after a misquote leads investors to believe that oil which fell to 12 year lows this past week finally hit an uncle point. While all of the concerns relating to supply and demand are still there, USD/CAD is steady and the sharp rebound in oil should lead to stronger recovery that could take USD/CAD down to 1.38. Technically we believe that the pair is prime for a breakdown. There’s a very clear head and shoulders pattern with the shoulders capping gains right at the 50-day SMA near 1.40. As long as this level of resistance holds, USD/CAD will take aim at 1.38 and make a run for 1.36.