Tickmill - Analytics

Tickmill

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WTI oil, spiced up by CAD!

Good day!

On the daily chart for WTI oil we see a potential flag forming, and a pretty good one at that:

For bottom-most buys the 53.50-54.00 $/bbl resistance zone looks tempting – the breached neck line of the double bottom and the 50% Fibonacci level at the latest ascending movement:

 

 

Accounting for the aforementioned oil situation, we can predict the direction of the Canadian currency. We should consider buying at the ascending channel:

At the moment CAD is at point 3 of the descending channel, where an engulfing pattern is being formed, signaling for a desire to go further south:

 

 

If we move to the H4 chart, we can see a double top figure forming, so there is an option to sell now or a more conservative option, to sell after the neck line is breached:

 


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