USD/CAD hit 4 years high. Double Top forming ?

USD/CAD Trying to create Double Top in Daily chart

After 4 years, market hit this top level.

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.

Save your Money, Energy, Time on Analyzing the market.

Please Don’t trade all the time, trade only at best trade setup.

It is better to do nothing, instead of taking wrong trades.

We are here to help you for taking the trades only at best trade setup.

If you want more best forex signals, join now at “Premium” (or) “Supreme” Signal Service here:

Thank you.
Forexgdp Team.

FOREX GDP is providing High Quality Forex signal services exclusively to all type of traders around the world. Forex GDP team worked with major banks, Financial Institutions and various Forex brokers as Forex Dealer, Fund Managers, Trading Platform Administrator, and many other different positions in Forex Trading Companies. Try our Free service now to see the quality trades. Click here to join FREE

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't trade all the time, trade forex only at good trade setup. Get best forex signals to your WhatsApp

Join Free Trial