USD CAD create Double Top in Daily chart
After 4 years, market hit this top level. which looks like double top pattern now.
After continuous fall in Oil prices (While writing, the Crude Oil price is 24$), CAD becomes too weaker.
Canadian economy is significantly based on crude oil.
Crude oil fell down due to coronavirus, it has affected CAD currency more.
This is the main reason, USD/CAD climbed up higher in short time.
If Crude oil price continues to fall down, we can see the breakout at this top of USD/CAD.
If Crude oil reverses, we can expect reversal on USD/CAD.
Now, there is a fundamental Correlation taking place between Crude oil and USD/CAD.
In technical view, USD/CAD is an Inverse Correlation of Crude Oil. If Crude oil goes down, then USD/CAD moves up. 🙂
Let’s wait and see how far the corona virus going to survive to stop Market bloodbaths.
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