Last Friday, Oil has a fantastic run up of over 20% up move, thus causing the USDCAD pair to tumble down after it hit a near high of 1.47.
But , Congress has yet to settle the much talk about 1 over trillion stimulus package and many Americans are still hanging out despite the warning about the risk of Covid-19.
Thus, I am not sure if this drop in USDCAD is temporary as there lies a possibility of it heading back up again. Thus the green arrow.
However, if Oil has indeed bottom out, then we could jolly well enjoy the ride down for USDCAD with the red arrow.
But , Congress has yet to settle the much talk about 1 over trillion stimulus package and many Americans are still hanging out despite the warning about the risk of Covid-19.
Thus, I am not sure if this drop in USDCAD is temporary as there lies a possibility of it heading back up again. Thus the green arrow.
However, if Oil has indeed bottom out, then we could jolly well enjoy the ride down for USDCAD with the red arrow.
Note
the green arrow has announced its bullish move. So long as 1.444 can sustained, continued to long.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.