CAD currency getting strong due to crude oil recovery

CAD Currency correlation analysis with Crude Oil markets

After historical fall of Oil, now all the Crude oil markets starts to bounce back for recovery. This makes “CAD” stronger fundamentally.

Previously, Oil market broken various support zones due to Coronavirus impact and world wide lock down.

After 18 years, crude oil hits the 2002 year low (click here to view)

After 22 years, WTI US oil price hits 1998, 1986 lows (click here to view)

On USD/CAD 1 hour chart, Bottom level of Up trend line range broken due to the recovery of crude oil prices.

usdcad correlation with Crude Oil - breakout occurs

In CAD/CHF chart, As per technical analysis, Market broken the minor level range and starts to move up.

cadchf broken minor level and starts to move in an Uptrend

Crude Oil fall is an historical crash so far which makes the financial markets more uncertain.

Please note : Most of the forex brokers increased their margins requirement for trading due to the historical crash of oil markets which impacting world wide economy. Please don’t use high lot at this time. Trade safe with care.

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