Quote:
Originally Posted by cas
Keep an eye on crude oil futures with emphasis on time cycle and volume to pick USDCAD trade opportunities.
Crude oil futures @74.20 is a very important point because that's when index funds algorithm kick in made visible through volume shifts USDCAD<->Crude Oil futures.
Volume shifts=price action in USDCAD pair!
Time cycle starts coming sunday/monday when asia opens.
Best to put USDCAD and Crude Oil future charts side by side and keep your eyes open 
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USD/CAD has rectraced all the way back to support at 1.08 from it's high of 1.1650 area, whereas oil is still $3-4 away from the highs from mid-June. Further increase in oil could give it an extra kick in the...
Also, the increase in buyers at this point seems to be coming to fruition. SSI data on DailyFX increased from 2.5 last week to 3.3 today showing increase in long positions.
I'm still more biased towards short.