Trade USDCAD by tracking Oil price
On 20 August I had written about trading USDCAD by tracking Oil price. At that time Oil price was trading at 116.56, USDCAD was trading at 1.0588.
Today we had seen oil price moving up higher to 121.21 and indeed USDCAD went lower to 1.0449.
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Canada is a land of resources, so naturally CAD is a commodity related currency.
By buying USDCAD means you are buying USD and selling CAD. So when commodities prices rise, USDCAD tends to fall, and when commodities prices fall, USDCAD tends to rise.
You can see in the link below that oil price has been trending up and USDCAD has been trending down.
My trading system had already signal sell for USDCAD, I will be looking to short USDCAD if it rise higher.
Bear market is not over for stocks. I do not want to trade stocks now, prices will just keep going down. But forex has no bear market, I have been trading currency in this equity bear market.
Charts: Forex and Binary Trading: Trade USDCAD by tracking Oil price