USDCAD Up up and away.
Hello Friends,
Cad has lost its winning edge due to Covid-19 and the Canadian economy generates a good portion of its money from four main industries 1) oil and gas, 2) energy, 3) manufacturing and 4) tourism
Most of the Canadian economy will be impacted on all 4 fronts because of laws that surround Covid-19. As Canada tries to keep a stiff upper lip while at the same time supporting their countrymen with funds directly created out of the printing press, like all good things, they do come to an end.
The real problem is Canada has no funds to support the country but instead is printing money as a bandaid temporarily trying to solve the problem without thinking about the long term effects on its people and country. Printing money only devalues the dollar creating hyperinflation and in turn will be dollar taxing on Canadian people. The longer Canada prints the lower the dollar goes as indicated on this chart.
In a nutshell, we have an IHS pattern mixed with some EWT laid out upon the chart. I was mindful of support and resistance levels while using my fib tool.
Good Luck
CHEERS
Cad has lost its winning edge due to Covid-19 and the Canadian economy generates a good portion of its money from four main industries 1) oil and gas, 2) energy, 3) manufacturing and 4) tourism
Most of the Canadian economy will be impacted on all 4 fronts because of laws that surround Covid-19. As Canada tries to keep a stiff upper lip while at the same time supporting their countrymen with funds directly created out of the printing press, like all good things, they do come to an end.
The real problem is Canada has no funds to support the country but instead is printing money as a bandaid temporarily trying to solve the problem without thinking about the long term effects on its people and country. Printing money only devalues the dollar creating hyperinflation and in turn will be dollar taxing on Canadian people. The longer Canada prints the lower the dollar goes as indicated on this chart.
In a nutshell, we have an IHS pattern mixed with some EWT laid out upon the chart. I was mindful of support and resistance levels while using my fib tool.
Good Luck
CHEERS
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