USDCAD has broken the major support level and now it reached the lower low zone of the minor downtrend line. wait for the retest of the breakout level or break out of this downtrend line.
The Canadian dollar remains in a ranging market as Canadian employment reports came as a positive result and crude oil price rise pumping the CAD market up.
EURCAD is retesting the broken level of the old descending channel + standing now at the higher low zone of the new ascending channel.
GBPCAD is moving in an Ascending channel by forming higher highs, higher lows in the 4-hour time frame chart. Now, GBPCAD has reached a higher low zone. Let’s wait for the confirmation of reversal or breakout.
AUDCAD has broken the bottom level of the range in the 4-hour time frame chart.
CADCHF has broken the major descending channel, retested the broken level and starts to bounce up now. However, CADCHF has formed a new minor descending channel. Let’s wait for the breakout from the current new descending channel for entering CADCHF.
CADJPY is going to reach the lower high zone (Top level) of the Descending channel and if you look out the closer move, the market has reached the resistance zone. Wait for the confirmation of breakout or reversal from this resistance or lower high zone of the descending channel.
Crude oil price rising
The Crude oil prices are rising up continuously which is the primary reason for the Canadian Dollar to get strong.
After the historical crash of crude oil prices which went below zero in COVID-19 time is recovering up now.
Most of the Countries have the second lockdown, but it’s not much strict as before.
Transportations are started. Due to this crude oil recovered huge from this fall. which strengthens the Canadian Economy.
Crude oil and CAD has a positive correlation in the forex market. If crude oil rises up, the Canadian dollar becomes strong.
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