Is the bullish game finally over after 8 years?

Since Sept 2012 till now, that is how long the bullish move has been for this pair. In between, there were many ups and down. Overall, if you had bought into this pair and hold till today, you would have made over 3000 pips. The peak was at Jan 2016 where a gain of 5000+ pips could be made.

But more importantly, the recent US- IRAN case that causes oil commodity to shoot up nearly to 70 dollars at one point and the uncertainty of a possible war torn between this 2 countries rock the stock market and causes it to fall.

The most affected currency will be the USDCAD pair as it is negatively correlated to Oil. That is, if Oil prices go up, then USDCAD will fall and vice versa.

Currently, it is at a crucial support zone around 1.29746. Next week, we might see some correction to the upside and await more news on the US-IRAN case before we know will it continue to head south.

Based on Oil chart, I am of the opinion that the chance to fall through the support and head towards 1.27849. That is another 1900 pips to be made if my analysis is right.

Let's monitor this chart closely from next week onwards as this is a tense period between the two countries.