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  • The Canadian Dollar has modestly outperformed the rest of the G10 pack, as the commodity currency finds support from the pick up in oil prices. Get your $USDCAD market update from @JMcQueenFX here: https://t.co/FJ9bVhBr6r https://t.co/xRqpOiMH3K
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.46% Oil - US Crude: 0.28% Gold: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/H77sqToPS8
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Crude Doji at Channel Support after Market Tests 96

Crude Doji at Channel Support after Market Tests 96

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_oil_body_crude.png, Crude Doji at Channel Support after Market Tests 96

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Crude stabilized on Thursday after slipping below 96. Downward sloping channel support make this a good place for a rally attempt. Short term sentiment is extremely bearish so an advance could be sharp. Resistance is estimated from trendlines (likely strongest from 100-101).

-The line that extends off of the 2008 and 2012 lows is at about 93.25 this week. This line was tested in April. Needless to say, a break below that line would indicate a major trend shift.

Trading Strategy: Flat

LEVELS: 93.65 95.33 95.93 | 97.66 99.20 100

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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