Sell on a level breakthrough of 1.2829 with 1.2700 target. Stop loss = 1.2880.
Reason for the trading strategy
The oil prices have reacted positively to the official statistics on oil reserves from the US Department of Energy, which has denied the unofficial data of the American Petroleum Institute. Last week oil production in the US dropped from 8.825 million to 8.802 million barrels per day, and the oil reserves fell by 3.41 million barrels per day. Currently the WTI oil prices are trading near the April highs, contributing to a strengthening Loonie.