USDCAD H4 OUTLOOK! (OIL RELATED CURRENCY PAIRING)Good day trader, I hope you guys are having a great day and doing well in trading.
Let's talk about USDCAD, on H4 chart, we can see that USDCAD is in a consolidation process. Price has not been able to break above 1.372 and couldn't break below 1.349 starting early of June 2020. Therefore, we will be looking closely at the price action right now, a break of 1.372 (Case 1) will expose the price to much higher territory while a break of 1.349 (Case 2) will expose the price towards daily support as indicated in the chart.
Fundamental wise, oil stockpiles have dropped 7.5 million barrels which mean the demand of oil is started to immerse. This news is particularly good for both USD and CAD since US and Canada have produced more oil than other countries.
As of now, we will be waiting for the price to break below 1.349, if H4 candlestick closed below the consolidation demand zone, we will be looking for short setup.
Always go for a clear analysis and always control your own risk management. It's not about you versus the market, it's always you versus yourself.
