USDCAD are brother to Oil Prices

Posted on Tuesday, January 26th, 2010 at 5:29 pm.

You can see that Oil prices will correlate with the USDCAD pair in the Forex Market. The USDCAD is in a situation of being over bought and we will be looking for a break of a trendline and also look for a revesal pattern. It’s getting to the extreme level so a projected turn around price is 1.0746 if the market reaches that level with this currency get ready for a sell.

In the forex market when you are swing trading you only want to play with the extremes and know at that level there is great support and resistance so watch out for that market when it gets to that price.