EXNESS - Analytics

    EXNESS

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    USDCAD: consolidation before publication of the weekly statistics on the US oil reserves

    Buy on a level breakthrough of 1.4295 with 1.4350 target. Stop loss = 1.4245.

    Reason for the trading strategy

    The US Department of Energy report on changes in the crude oil reserves and petroleum products for the last week will be published today. The expected increase in the US oil inventories by 1.9 million barrels is able to cause the price of a WTI barrel to collapse below $ 30 and push the USD/CAD pair to the level of 1.435.

    USDCAD, H1

    USDCAD


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