EXNESS - Analytics

    EXNESS

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    USDCAD: growth against the background of falling oil prices

    Buy on a level breakthrough of 1.2981 with 1.3143 target. Stop loss = 1.2931.

    Reason for the trading strategy

    According to the US Department of Energy, last week the US oil reserves fell by 0.9 million barrels with an expected decline of 2-2.5 million barrels. The WTI crude oil prices reacted by a decline to around 47.9 dollars per barrel. In the short term, the growth of an anti-risk sentiment will put pressure on the commodity assets, which could push the USDCAD pair to the 1.3143 level.

     

    USDCAD, H4

     


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