Oil prices took a hit last week, and this strategist sees a pattern that points to a currency trade.
On the face of it, a move in oil prices may or may not indicate an obvious currency trade. But Todd Gordon, co-head of research and trading at Aspen Trading Group, says that current price patterns point to a potentially profitable move.
Crude oil, Gordon says, is a leading economic indicator, which means falling oil prices suggest stocks could be headed lower. And "with lower stocks, with lower oil, we are seeing a dollar rally."
