CADCHF - weakening loonie for a short trade
The loonie continues to loose its strength. Ichimoku in H4 clearly shows a bearish trend, all indicators are under the cloud. On last candles, PA tried to break an intermediate trend line at 0.695 level with a price leaving its Tenkan in an attempt to reach the Kijun. However the bulls lacked strength with a sequence of lower highs.
The Renko chart helps to have a global view of the "skew" on this pair. Projecting the current downtrend gives us some objectives for the trade. Keep in mind the calendar with results from Canada on 22th Jan.
"CAD will continue weakening as the BoC cuts next week and as WCS prices threaten to fall below the cliff of marginal operational costs per barrel, where further declines could generate new spillovers and thus impact the FX less linearly," (bloomberg.com/news/articles/2016-01-18/jpmorgan-without-more-softness-in-the-loonie-the-next-domino-in-canada-s-oil-patch-could-fall-soon)
The Renko chart helps to have a global view of the "skew" on this pair. Projecting the current downtrend gives us some objectives for the trade. Keep in mind the calendar with results from Canada on 22th Jan.
"CAD will continue weakening as the BoC cuts next week and as WCS prices threaten to fall below the cliff of marginal operational costs per barrel, where further declines could generate new spillovers and thus impact the FX less linearly," (bloomberg.com/news/articles/2016-01-18/jpmorgan-without-more-softness-in-the-loonie-the-next-domino-in-canada-s-oil-patch-could-fall-soon)
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