Sell on a level breakthrough of 1.2831 with 1.2750 target. Stop loss = 1.2881.
Reason for the trading strategy
Currencies of the oil exporting countries may gain a significant foothold against the world's reserve currency in the nearest future. Sooner or later the OPEC countries, which dollar income from oil exports fell by almost 2 times over the last year, will be forced to reduce oil production quotas or to weaken their national currencies sooner or later. Yesterday, Bijan Namdar Zanganeh, Iranian Oil Minister, called upon OPEC to reduce oil production in order to stimulate the price growth to the level of 70-80 dollars per barrel.
Reason for the trading strategy
Currencies of the oil exporting countries may gain a significant foothold against the world's reserve currency in the nearest future. Sooner or later the OPEC countries, which dollar income from oil exports fell by almost 2 times over the last year, will be forced to reduce oil production quotas or to weaken their national currencies sooner or later. Yesterday, Bijan Namdar Zanganeh, Iranian Oil Minister, called upon OPEC to reduce oil production in order to stimulate the price growth to the level of 70-80 dollars per barrel.
USDCAD: consolidation in the range of 1.2831-1.3071
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