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Mon, Jul 22, 2024

Bullish Engulfing Candle formed in USDCAD higher low zone
1 mins well spent

USDCAD Analysis

USDCAD starts to bounce back from the higher low zone.

A Big bullish Engulfing Candle closed above the highs of last (previous) 2 bear candles. This confirms the Buyers Pressure.

USD up lift from the bottom zone

US dollar surges as higher as positive US PMI data release.

Vaccine hopes help the US dollar to get stronger. But the stimulus is required for economic recovery.

Barclays reports as Brent crude will reach $53 per barrel and WTI at $50 per barrel. January month output increase also postponed to 3 months later by OPEC+ nations.

Crude oil WTI barrel containing Full of oils in black color

This activity boost economy during the recovery period. Oil prices increasing in 2021 may trigger a boost up for the Canadian dollar. The Canadian economy based on Oil output and oil prices fluctuations.

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