Canadian Dollar Oil and Dollar Index Trading plan 2015

Canadian Dollar Oil and Dollar Index Trading plan 2015

Canadian Dollar Oil and Dollar Index Trading plan 2015

Canadian Dollar Oil and Dollar Index Trading plan July 2015

China has fallen off a cliff, Greece’s referendum could change the face of Europe and commodities are crashing.  Taking a look at where the dollar index versus the Canadian Dollar and Light sweet crude are trading and price differences now that price is on the brink of price extremes.

Oil prices Canadian Dollar, dollar index 2015Oil prices are approaching the pshychological support of $50 a barrel.

Oil prices have fallen drastically over the last year with a high of $115 and a low of $45.  Oil rebounded to over $60 but in the face of an international soon to be recession, demand has fallen off, Supply has increased and the price of oil is controlled by sellers.

In the the daily chart comparing the oil price extreme lows with dollar index and the Canadian Dollar, The dollar index is not close to it’s previous highs but the Canadian dollar is approaching it’s lows.  If the Euro and Chinese markets have further volatility and demand for the dollar surges, we could see the dollar index push through the bearish channels resistant trend line and head to previous swing highs at 1.01 .

Canadian Dollar major support is .77

This could push oil prices down to the $45 dollar range and possibly further if there is more volatility in China.  This disruption could then push the Canadian Dollar to new lows as it breaks the Major Support at .77 cents US to the Canadian dollar.


 
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About the Author

Joel Wissing – trader, trainer, trading psychology expert, author, father and Husband. Bringing break through activities to the trading world to create consistent profitable traders in futures, stocks and day trading.

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