EXNESS - Analytics

    EXNESS

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    USDCAD: consolidation before the publication of Canada's trade balance

    Sell on a level breakthrough of 1.3064 with 1.3011 target. Stop loss = 1.3114.

    Reason for the trading strategy

    The Canadian and the US foreign trade data will be published today. The growth of Canada's trade deficit (due to the low oil prices) expected in August, may put some pressure on the Loonie.The current situation in the oil market looks much better than it did in August. The continuing rise in the WTI crude oil prices to the upper limit of the $ 43,65-48,00 range can provoke a decrease in the USD/CAD pair to around 1,29-1,30.

    USDCAD, H4

    USDCAD


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