USD/CAD shows serious signs of weakness

The USD/CAD just made a strong rejection at a long-term lower high. Because of this failure, I'm expecting at least a return to the 50-line (average) marked on the chart by the purple line. Recent strength in commodity currencies (NOR/CAD/AUD/NZD) provides confluence for this.

> Numerous factors suggest that commodity-currencies (NOR/CAD/AUD/NZD) will do well against the USD and EUR for the foreseeable future:

1. Oil (CL) is at multi-year lows, trading as of this writing (April 2020) at around $20. This is likely a bottom. Countries which depend on Oil cannot sustain these oil prices.

2. The ECB and Fed. Reserve are pumping in MASSIVE amounts of liquidity to stabilize the credit markets (bonds/repo/etc.). All of this is only inflation. There's no economy to speak of at this time. And suggests that these currencies will face serious devaluation.