Forex trading on CAD strength – Trading short WTI? Fibonacci range trading US indices [Video]
![Forex trading on CAD strength – Trading short WTI? Fibonacci range trading US indices [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/USDCAD/one-hundred-canadian-dollar-bills-5599431_XtraLarge.jpg)
If you caught our last video we were looking at a long on USDCAD and a short on AUDCAD.
Well, look what happened.
Firstly, we are a day later than usual as yesterday many of the US markets were closed.
On USDCAD we see the bullish price action and we may now be looking at a range trading opportunity.
We will watch our technical indicators for overbought signals.
On AUDCAD we see the bearish price action and we may now be looking at continued falling price action.
We will watch our technical indicators for overbought signals here as well.
The stronger CAD is probably a result of the stronger price of crude oil as we see a multi-week uptrend.
However, we may be seeing a reversal as we see the very beginning of a downward channel.
Also, the stochastic oscillator is very overbought and turning over.
You may want to wait for a stronger pattern to form, like a head and shoulders pattern and for price action to break the neckline.
We see price action on all the major US Indices ranging between Fibonacci levels and in descending triangles.
We will be watching for breaks to the downside or a bounce back to resistance.
Speaking of both CAD pairs and US Equities, we have monthly employment figures from both countries Today at 8:30 am New York time.
Author
Brad Alexander
FX Large Limited
Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.
