USDCAD Breakdown (12 March 2020)

Title : USDCAD Breakdown (March 12, 2020)

Broker : Tickmill

Description : USDCAD Daily Outlook – On Wednesday the Coronavirus officially became a global pandemic and even actor Tom Hanks tested positive for it.

The US has banned all travels to the US and Italy is in complete lockdown. The Bank of England cut rates by 0.5% in an emergency coronavirus response and the stock market fell more.

Thursday we have the ECB rate decision which could follow the path of the US and the UK. Is this 2008 all over again?

Today I’m looking at the USD/CAD pair which has been surging on oil price slash and broke above a 3-year high and the key resistance level of 1.3793.

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