GBPCAD Trade Idea
Oil prices are being hit by the reinstated lockdowns around the globe. That being said, the top oil producing countries are probably not stoked about this, and Canada is not the exception. Canada is the 4th biggest oil producing nation, so it's economy relies significantly on oil production. Consequently, the Canadian Dollar could be weakening in relation to other currencies. Technically speaking, the last bullish push broke the previous structure, so the pair should maintain a bullish volume until the price reaches the closest fresh Supply Zone. Although, fundamentally speaking, I don't feel that we have enough data to make trustworthy forecasts about this pair.
I will personally not be trading this because of the previously mentioned reasons, but it will be interesting to see if the price moves accordingly.
I will personally not be trading this because of the previously mentioned reasons, but it will be interesting to see if the price moves accordingly.
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