One signal that Crude Oil could be putting in a significant low is being flashed by the Canadian Dollar, which has reversed from its plunge versus the Dollar.
Let’s notice on the lower chart that USD/CAD rocketed through its upper-channel boundary line one week ago, followed-through to the upside as Oil plunged beneath $30, but has reversed sharply (USD/CAD) from nearly 1.47 to 1.42 (CAD has strengthened)– and has pressed back inside of the upper-channel line… suggesting that Oil could be poised for a pop to $30-$31 in the upcoming hours.
Originally published on MPTrader.com.
