USDCAD in the downtrend.

USDCAD in the downtrend.

The recent increase in oil prices has driven the Canadian dollar to appreciate.

With the continuous news about the development of the new coronavirus vaccine, the global market has obvious risk on, so oil prices have the opportunity to continue to rise.

So the Canadian dollar has the opportunity to continue to appreciate in the future.

By technical analysis , it is recommended to go short in batches when the USDCAD price bounces to the resistance.