USD/CAD bouncing off support as Crude hits resistance

07. April 2015 · Write a comment · Categories: EDGE Chart of the Day · Tags: , ,

Today we have been closely watching the USD/CAD which has been basing over the last 2 days. Even as crude oil was rallying towards resistance, the USD/CAD (which is typically inverse) stalled at support. We call this “divergence.”

At this moment, crude is showing some weakness as the USD/CAD is 25 pips from the highs of the day. Here is the chart:

4-7-15CADCL

 

Blake Morrow

Chief Currency Strategist, Wizetrade

 

Disclaimer: I just went long the USD/CAD intraday today, and may hold it for the next few days

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