Forex Trading NZDCAD in Descending Triangle. New cTrader Video! WTI Crude Oil in Symmetrical Pennant.

In today’s GCI Market Outlook let’s take a look at Forex Trading on WTI Crude Oil, GBPNZD, and NZDCAD.

Last time we spotted a range trading opportunity on NZDCAD and price action did not disappoint.

And, we have an important economic event this Wednesday.

NZDCAD might not be a currency pair that you would trade very often but sometimes these minor pairs give us great opportunities.

We now see price action forming a descending triangle so we will continue watching.

This week, we have an Interest Rate Decision from the RBNZ and we are expecting a lowering so we may see some weakness.

I encourage you to look at all NZD pairs before the news.

As you can see we have mostly consolidation but there are some pairs to watch like GBPNZD.

We can see that the pair is very overbought and, if we see a pullback into tomorrow’s news, we may have an opportunity.

Also, check out the link in the description for the latest GCI cTrader mobile video on Charts and Indicators.

We were looking at a bear run on WTI last time and it looks like that will continue.

But, we see that price action might be forming a symmetrical pennant and from here it looks bullish.

Don’t forget to watch for Wednesday’s Crude Oil Inventory report and any news on US/China trade wars which will affect the price of crude.

That’s all for now.

CFDs and FX are leveraged products and your capital may be at risk.