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Dramatic Bearish Move In the USD/CAD

Fellas, there has been a dramatic upward movement in the WTI crude oil as its price continued to increase over tension in the Middle East due to recent oil tankers and pipeline attacks. Consequently, the rising strains in the Middle East help to push oil prices higher.

Let us recall that fact that the Canadian economy heavily depends upon crude oil exports to the US. Which means a rise in oil prices results in the growth of business, profitability, and stability, making the national currency stronger. That’s exactly what has happened with the Loonie.

USD/CAD – Technical Outlook

The USD/CAD reached resistance in the 1.3490 zones (resistance line connecting April and May highs), dropping into the middle of a trading range where it has consolidated throughout the month. On the 4-hour chart, you can see a “triple top” between 1.3455 and 1.3490 which has pushed the pair lower. Likewise, the triple bottom level can extend strong support around 1.3375. Oscillators are bearish, with RSI and Stochastics holding below 50 and even 20. Now that suggests a chance of bounce off above 1.3375.

What’s the trade plan? 
Well, I’m looking to place a buy limit above 1.3375 with a stop loss below 1.3345 and take profit around 1.3424 and 1.3450.
Good luck!

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