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CAD’s Slow Reaction to Oil Weakness
Something slightly different this morning, with a look at a comparison between OIL and USD/CAD. The last two OIL daily candles have been big, red, bearish candles. Price once again couldn’t crack long term trend line resistance which just happened to line up with a short term swing low that was previous support and now acting as resistance, meaning that the positive Oil headlines talking about buying have been yet more hot air. What caught my attention was that over these last two days, the normally highly correlated Canadian Dollar hasn’t exactly followed suit.Price didn’t quite reach trend line support, but ... (full story)
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