Dollar Versus Loonie and Ruble March 2nd

FX Strategy Video > Currency Pairs Analysis

USD/CAD fell again during the Thursday session as oil continues to climb. However, the CAD isn't gaining like it normally does when oil rises, so we are a bit suspect of this move. Adding to the confusion is the fact that there are so many support levels below. Although if we had to take a position it would be short, we are more than happy to trade other pairs in relation to oil.

Speaking of this, the USD/RUB (Russian Ruble) pair is also an oil play. The pair has been in a nice steady decline recently, and the fall makes a much cleaner chart than the Russian Ruble one does. With this in mind, we like the downtrend to continue.

Published on 1st of March 2012
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