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Thomson Reuters
Apr 08 - 08:36 AM
USD/CAD - Oil's Big Rise Could Hurt USD/CAD Bulls A Lot
First appeared on eFXplus on Apr 08 - 06:35 AM
  • Traders are sitting heavily longs USD/CAD for little result IMM/FX
  • USD/CAD sideways now for a month mostly 1.33-1.34
  • USD longs have held around USD 3-3.5 billion during that period
  • In the past month oil has rallied around USD/5bbl nL3N21Q05E
  • As a major producer Canada will reap the rewards and specs should suffer
  • Longs should be wary of any close below daily cloud top/21-DMA 1.3367/61

USDCAD cloud and 21-DMA Click here

USDCAD oil and spec longs Click here

Source:
Thomson Reuters IFR Markets

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