Buy on a level breakthrough of 1.2885 with 1.2935 target. Stop loss = 1.2835.
Reason for the trading strategy
After the publication of the mixed data by the US Department of Energy, the WTI crude prices have adjusted around 42.3 dollars, putting pressure on the Loonie. Last week, oil extraction in the US fell from 9.008 million to 8.977 million barrels per day, but the oil stocks rose by 6.634 million barrels. The decision made by the Bank of Canada to keep the benchmark interest rate unchanged at 0.5% per annum did not provide any support for the Loonie, as it was expected.
Reason for the trading strategy
After the publication of the mixed data by the US Department of Energy, the WTI crude prices have adjusted around 42.3 dollars, putting pressure on the Loonie. Last week, oil extraction in the US fell from 9.008 million to 8.977 million barrels per day, but the oil stocks rose by 6.634 million barrels. The decision made by the Bank of Canada to keep the benchmark interest rate unchanged at 0.5% per annum did not provide any support for the Loonie, as it was expected.
USDCAD: consolidation below the level of 1.2885
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