The recent decline in OIL prices is what has caused the upside push in USDCAD over the last few days, if OIL prices reverse from these lows and can find some momentum then this should help our USDCAD short trade as the Canadian Dollar is impacted by the prices of OIL as they are one of the biggest distributors of OIL in the entire world.USD/CAD is often greatly affected by how U.S. consumers react to changes in oil prices, if demand for oil was to fall, this could hurt demand for the CAD.
#Learn&Trade Price Action Traders
Comment
⋅
Running in +70 Profit, Break-even, Sit back and relax anyway, you have got nothing to lose on this trade anymore.