SHORT on USD/CAD to pre COVID-19/OILCRASH levels

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
SIgnificantly below the 50&200 day moving averages which shows some significant selling pressure or correction to macroeconomic developments in global commodity markets. As economies reopen or begin to reopen global surplus of oil and other fuels plus the 10 million a day barrel cut in supply, could set the short thesis for currencies which are positively correlated to oil prices will begin to strengthen, ceteris paribus. RSI indicator, however, is showing that at this level the USD/CAD is significantly oversold breaking the 25% level and could signal a retracement in the short term.


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