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Greetings once again, Everyone!
The USD/CAD and Crude Oil work through a rather “active” Day… considering the somewhat-”Tepid” movements of most Majors across The Markets.
Crude rallies back on an IntraDay View as The Loonie Pair follows suit in “normal” Inverse Correlation.
Here are The Hourly Views, so give them a Click for Levels.
Commentary is above, as always and Post-Time is 14:40 GMT.
Price clears our Ascending Triangle Formation on The Loonie, despite the slight Dollar Correction earlier… and Crude Oil now looks to Clip the $71.00 Handle of Static Resistance.
Continuation sees the $71.30’s, which will also bode well for the Canadian Dollar in the Immediate-Term.
Bearish Sentiment will not be seen with any real Significance unless the $66.50’s are Clearly Breached to the Downside.
The Loonie comes off of what may see as a Head and Shoulders Formation that so far has “failed” on the 4-Hour View.
In any case, a Breach of the Uptrend Line here sees the “Would-Be Neckline” Support @ the 1.1450’s/20’s Area… irregardless if you “accept” The Pattern or not.
Continuation of the Dollar-Reversal to Weakness sees the “Basing” Areas of the 1.1300/1.1280’s in the Near-Term.
As always, please join me for more Updates as we move along!
I hope to See Everyone Soon!
