Buy on a level breakthrough of 1.2852 with 1.2909 target. Stop loss = 1.2802.
Reason for the trading strategy
The Canadian currency has sharply weakened after the publication of the US crude stocks data from the US Department of Energy, which recorded a decline of only 0.917 million barrels for last week. Meanwhile, the news of the 0.9 (m/m) increase in the retail sales in Canada in April has had a stabilizing effect on the exchange rate of the Loonie. Opening positions in the USDCAD pair can be considered on its exit of the range of 1.2741-1.2852.