Sell on a level breakthrough of 1.4442 with 1.4333 target. Stop loss = 1.4492.
Reason for the trading strategy
OPEC has raised its estimate of global oil demand in 2016 by about 10 thousand barrels per day. OPEC believes that this year the average daily demand for oil will increase by 1.26 million barrels and will be about 94.17 million barrels per day. By the end of 2015, the total level of demand for oil in the world averaged 92.92 million barrels per day. Currently the price of a WTI barrel is gaining 0.68% and amounts to 29.62 dollars. In the short term, we can expect the Loonie to strengthen.
Reason for the trading strategy
OPEC has raised its estimate of global oil demand in 2016 by about 10 thousand barrels per day. OPEC believes that this year the average daily demand for oil will increase by 1.26 million barrels and will be about 94.17 million barrels per day. By the end of 2015, the total level of demand for oil in the world averaged 92.92 million barrels per day. Currently the price of a WTI barrel is gaining 0.68% and amounts to 29.62 dollars. In the short term, we can expect the Loonie to strengthen.
USDCAD: under pressure after the OPEC report
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