EXNESS - Analytics

    EXNESS

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    USDCAD: consolidation around the 1.3845 level

    Sell on a level breakthrough of 1.3845 with 1.3639 target. Stop loss = 1.3900.

    Reason for the trading strategy

    On February 16, an agreement was reached between Minister of Energy of the Russian Federation Alexander Novak and the representatives of Saudi Arabia, Venezuela and Qatar, on their readiness to preserve the oil production at the January level this year, if the other OPEC producers join this initiative. This agreement will probably lead to a stabilization of oil prices to at least the level of January lows, which will support the Loonie.

    USDCAD, H4


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