EXNESS - Analytics

    EXNESS

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    USDCAD: consolidation in the range of 1.3907-1.4087

    Sell on a level breakthrough of 1.3907 with 1.3810 target. Stop loss = 1.3957.

    Reason for the trading strategy

    According to Baker Hughes, the number of active rigs in the US fell form 18 to 619 last week.  Low oil prices will sooner or later lead to a reduction in the US oil production and the subsequent growth of the "black" gold prices. Opening another set of short positions in the USDCAD pair is worth considering at a breakthrough of the support level of 1.3907.

    USDCAD, H1


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