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Canadian Dollar Forecast to Fall on Crude Oil

Canadian Dollar Forecast to Fall on Crude Oil

David Rodriguez, Head of Product
ssi_usd-cad_body_Picture_2.png, Canadian Dollar Forecast to Fall on Crude Oil

USDCAD – Retail traders are now net-short the US Dollar (ticker: USDOLLAR) against the Canadian Dollar for only the third time in 2012, and our contrarian view favors further USDCAD gains through short-term trading.

Yet we hesitate to call for a major Canadian Dollar breakdown as Crude Oil futures prices continue to hold year-to-date lows near the $75.50 mark. Correlations are not written in stone, but Canada remains the largest oil exporter to the United States and we expect the US Dollar/Canadian Dollar exchange rate to track moves in crude oil prices quite closely.

If market fundamentals and sentiment readings are pointing in opposite directions, we often defer to technical forecasts. Our DailyFX Technical Forecast for the USDCAD favors buying weakness.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com; Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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

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