USDCAD (1D): The Big Picture

USDCAD (1D) seems to be breaking out of a horizontal channel. It is difficult if not impossible to say whether this will continue north.

The daily picture can inform probabilities on lower time frames.

Disclaimer: This is not advice or encouragement to trade securities. No predictions and no guarantees supplied. If you make decisions based on opinion expressed here and you lose your money, kindly sue yourself.

Comment:

As oil price war breaks out in the face of a demand supply shock caused by coronavirus, I expect the Canadian economy to be more indirectly affected. Perhaps CAD would weaken more than the USD pushing the ratio north.