CAD Trades Like Petrocurrency Again Right When Oil Concerns Mount
Canadian Dollar weakness has reversed course after running away in late October, but the trend appears to favor a resumption of USD/CAD trending higher above 1.2451.
Canadian Dollar weakness has reversed course after running away in late October, but the trend appears to favor a resumption of USD/CAD trending higher above 1.2451.
Crude Oil prices seem to be well supported with potential short squeezes on the horizon with multiple geopolitical risks and tightening physical market signs developing.
The New Zealand Dollar looks poised to start the next leg of a three-month down trend after dropping to the lowest since early June against its US counterpart.
The Euro recoiled from familiar range resistance above the 0.90 figure against the British Pound, with prices flirting with a revival of the down started in late August.
U.S. equities looked ready to roll over from bearish sequences and pick up momentum, but short-term strength has brought that into question; a couple of scenarios to watch moving forward.
The combination of current sentiment and recent changes gives us a further mixed US 500 trading bias.