Update on Why I Like USD/CAD
November 11, 2008
On Monday, I blogged about all of the reasons why I like USD/CAD. At that time, the currency pair was trading at 1.1889 and it is now 200 pips higher.
The resistance level that I have been watching was 1.20. As long as the currency pair closes above that level, there is no major resistance until 1.24.
Source: eSignal
What’s behind the move? OIL!!!!
This morning, I blogged about how the drop in oil prices will drive the EUR/USD and stocks lower. At that time, oil was trading at $60.23. It has traded as low as $58.83 this morning, which explains the sharp sell-off in the Euro and Canadian Dollar.
Good Trading!
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Posted in Canadian Dollar, Forex Technicals, euro oil, forex blog
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November 11th, 2008 at 2:42 pm
Keep up the good posts, we are reading