EXNESS - Analytics

    EXNESS

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    The USDCAD pair is approaching the resistance level of 1.3340

    Buy on a level breakthrough of 1.3340 with 1.3421 target. Stop loss = 1.3290.

    Reason for the trading strategy

    After the breakthrough of the support level of $42.6, the risks of the WTI oil prices to re-test the yearly low of $37.7 increased. The increase in the US oil reserves, supplies of Iraqi oil to the US at low prices, and a number of other factors put pressure on oil futures. Today, market participants' attention will be drawn to the data on retail sales and the number of oil rigs in the US.

    USDCAD, Daily

    USDCAD


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