Here we see the USD/CAD being pulled back against that 1.30 mark. The CAD has kept up nicely against the USD almost soully due to that 27% oil jump in late august - even though is was short lived.
Support and resistance levels wave between low 1.33 to 1.40 as expected, giving us an optimistic look at the near term volatility.
Even though its a tempting time to take up a position, oil volatility is the straw that broke the camels back for me as there is no way to guess whats to come for this elusive commodity - CAD is simply to exposed to oil prices. We will wait to see what is to come of this weeks inventory spending report.
Suggestion: GET OUT OF DODGE!
Support and resistance levels wave between low 1.33 to 1.40 as expected, giving us an optimistic look at the near term volatility.
Even though its a tempting time to take up a position, oil volatility is the straw that broke the camels back for me as there is no way to guess whats to come for this elusive commodity - CAD is simply to exposed to oil prices. We will wait to see what is to come of this weeks inventory spending report.
Suggestion: GET OUT OF DODGE!