The value of the CAD, as I talked about today, is heavily influenced by the price of oil and by the suspension of hockey, and by the popularity of 5-pin bowling, which apparently was invented in Canada and is the most boring sport in the world after fishing.
Here is a weekly Light Crude chart. Click on it to make it bigger.
See how the commodity is falling towards the 50-week moving average? And the redline? It's going to hit one or the other, or both.
And the daily chart:
Oil's trading inside of a daily channel, and is likely to hit the 200 day moving average. What I like is that the commodity is also showing that it could spring back upward after it hits that level. Say, it hits 57.5 or so, and then the MACD starts to turn upward again.
Let's keep an eye on this, and how it affects the CAD. More to come.
