Buy on a level breakthrough of 1.3070 with 1.3146 target. Stop loss = 1.3020.
Reason for the trading strategy
On Friday, Mohammad bin Salman, the Saudi Arabia minister of defense, said that Saudi Arabia will agree to freeze the level of oil production only on the condition that Iran and other major manufacturers will join the agreement. However, Iran plans to increase oil production from 3.1 million to 4 million barrels a day. Currently, WTI crude oil is trading at around $36.3 per barrel, which puts pressure on the Loonie.