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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

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Wednesday, June 15, 2016

WTIC Crude Oil & Canadian Loonie

If WTIC Crude Oil breaks below it's current (very tight) uptrend line, watch for the Canadian Loonie to tank.

As shown on the following 5-Year Daily chart comparing the two, they normally trade lock-step. Note the recent divergence of the Loonie starting in April and the fact that the RSI and MACD have fallen below the 50 level...which are hinting of further weakness ahead for Oil.


If Oil falls, I expect the Loonie will do so, as well. And, I'd be watching for a solid break below 75.00 on the Loonie as a possible signal that Oil will continue a drop to, perhaps, around $40.00, or lower, as shown on the next two 5-Year Daily charts.