In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we advise you to have a look at Oil and USDCAD. Both of these markets are correlated which helps for a change, so one can reinforce the move in the other.
Looking at the USDCAD first, this market has largely been moving sideways since July and has failed to make new highs above the 1.3350 level. This, coupled with a strong sell-off over the last week, now gives us a high probability trade to take this market lower below 1.3130. This move would constitute a structural failure to the downside making it worth looking at.
The correlated market to the USDCAD is the Crude Oil market. As we can see from the charts, yesterday saw a significant move higher. So if prices break above 54.11 then we would look for this market to push higher.
Have a look at Oil and USDCAD – Full Video Analysis
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