EXNESS - Analytics

EXNESS

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USDCAD: under pressure against the background of rising oil prices

Sell on a level breakthrough of 1.3503 with 1.3400 target. Stop loss = 1.3553.

Reason for the trading strategy

The Reuters news that oil production in the OPEC countries in February decreased by 280 thousnand barrels (from 32.65 million to 32.37 million barrels) per day has provided substantial support for the oil futures. The most significant decrease in production occurred in Iraq: the figure fell by 150 thousand barrels per day for the past month. In the near future we can expect the price for WTI crude oil to break through the resistance level of $35 per barrel and the Loonie to strengthen.        

 

USDCAD, H4

 



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