Potential Double Bottom formation on 4hr and Daily chart is in process.
As far as prices are above 1.28, A jump towards 1.40 is likely.
Oil fallen below Daily Rising Trendline.
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Oil chart.
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There is a possibility of break of double bottom today.. trade with care at your own risk..!!!
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As said earlier.. we can see break of double bottom.. so market plunged down and tested lows of 1.28.. and jumped up..
I will remain bullish on usdcad untill and unless we see daily close below 1.28. Daily close below 1.28 would suggest renewed downtrend and uptrend in oil.
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Simple structure... no need to mention anything..
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Daily close above 1.318 with break of 1.322 will be very positive for usdcad bulls that can potentially lead for 1.34 and 1.37