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Greetings Again!
We are about 12 hours ahead of our last Post, and the Canadian did, indeed, strengthen and is in our Congestion Zone as we speak….we will remain here?… or are we just having a Re-Test of the Level?
As always… We Shall See!
Crude Oil bounces out of a nice consolidating Triple Bottom formation…thanks to a visit to “Wick City” these past couple of days.
We see one of our “favorite” concepts in play here… with what I like to call “Indirect Confirmation” where I see correlating behavior in other Units as well….
The Yen Crosses have shown significant appreciation…hence opening the Risk Appetite door a little bit, as Crude Oil strengthens and the Dollar itself weakens.
We can roughly say our “Inverse” Crude and CAD correlation is back in play for the time being.
Here are both views on the Hourlies, so give them a Click… and Post-Time is about 13:15 GMT.
We will check in again a bit later…and see if the Canadian Dollar itself does maintain it’s strength and stays in our little Congestion Area… and Crude will give us some validation and confirmation as well in this case!
Tim, It is nice to have you and your well documented analysis back.
Greetings Ray!
Thank you very much!…and good to be back as always.
We will see if this climate of Risk Appetite continues along…or if we are simply having retracements and corrections all around.
Crude may cap around $40…so we will see how this affects the CAD as well… we may just hover in these little Ranges here.
Sincerely,
- Tim -