Buy on a level breakthrough of 1.2810 with 1.2910 target. Stop loss = 1.2760.
Reason for the trading strategy
In Q3 2016 an adjusting decline in oil prices from $50 to $40 per barrel is likely to occur. The global oversupply of oil in the market and the low global demand for it remain relevant fundamental factors. Market participants ignore the improvement in Canada's labor market in May and are currently selling the Loonie.