After a series of bears taking over in the past few months one can say we are now nearing at a point where things have to change. However things won't just change at an instant, UsdCad reached the monthly demand not so far ago but it is still hesitant in going to the up side thou logically one would expect it to be.
In the past 3 days UC has been dominated by Bears and at the same time Oil was busy on its side creating 2020 months highs. As we all know UC and Oil are negatively correlated and as things seem right now Oil on its side still have some small room to the upside which would mean UC has to go to the opposite direction.
Even though things are like this none can confirm as of now that this is 100% accurate therefore the opposite can also occur even if it's for a short while. It won't be long until we get a confirmation which will give us a greenlight as to how things could potentially fair. Right now UC is 60 pips away from breaking the strong monthly demand, until it does that then we shall remain bullish. Fundamentally, there's been roamers that we might come across another Coronavirus wave, if that does happen then we can expect UC to sour while Oil does the opposite.
Lemme know what your thoughts are in UC.
In the past 3 days UC has been dominated by Bears and at the same time Oil was busy on its side creating 2020 months highs. As we all know UC and Oil are negatively correlated and as things seem right now Oil on its side still have some small room to the upside which would mean UC has to go to the opposite direction.
Even though things are like this none can confirm as of now that this is 100% accurate therefore the opposite can also occur even if it's for a short while. It won't be long until we get a confirmation which will give us a greenlight as to how things could potentially fair. Right now UC is 60 pips away from breaking the strong monthly demand, until it does that then we shall remain bullish. Fundamentally, there's been roamers that we might come across another Coronavirus wave, if that does happen then we can expect UC to sour while Oil does the opposite.
Lemme know what your thoughts are in UC.