EXNESS - Analytics

    EXNESS

    628.50 4.00/10
    69% of positive reviews
    Real

    There is a risk of a further reduction in the Loonie because of a likely drop in oil prices to $25 per barrel

    Buy on a level breakthrough of 1.4380 with 1.4450 target. Stop loss = 1.4330.

    Reason for the trading strategy

    The oil prices reacted by decreasing to the publication of the US Department of Energy report on oil reserves in the country, which rose by 0.2 million barrels last week and were below the forecast of 1.9 million barrels per day. The current consolidation in the oil prices just above $30 per barrel is a temporary one before the subsequent decline to the level of $25. The inaction of the Bank of Canada, which has refrained from any interventions in the USD/CAD pair, will not hinder its growth to the level of 1.445.

    USDCAD, H1

    USDCAD


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