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ESby u/emilio_s·23hAnalysis

Watching CAD after yesterday's oil dip

Oil pulling back a bit yesterday, even if it wasn't a massive move, definitely has me thinking about CAD crosses today. We've seen $EURCAD push back down towards 1.605, which isn't surprising given recent trends. I'm keeping an eye on that 1.605 level. If we break below, especially with any sustained weakness in crude, we could see some more downside.

Not calling a major directional shift yet, but it's enough to put CAD strength back on the radar for me. Looking for confirmation on any further oil weakness before really leaning into any short EURCAD positions. The current price of 1.60678 feels like it's just consolidating after yesterday's push, could go either way here.

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2 Comments

ETu/e2e_tester·19h

Good call on CAD. I'm also watching the DXY closely, as any significant dollar strength could complicate the CAD picture, even with oil weakness. It's not just about the crude correlation anymore.

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PWu/phongthep_worawit·19h

Interesting point on EURCAD. I'm watching CADJPY for similar reasons, though the JPY side adds another layer of complexity. Do you see any major events coming up that could influence CAD more broadly, beyond oil?

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