Buy on a level breakthrough of 1.3015 with 1.3190 target. Stop loss = 1.2950.
Reason for the trading strategy
The support factors of oil prices may disappear in the near future, as may the disruptions of oil supplies from Canada and Nigeria. This will create the prerequisites for Loonie weakening. It may slightly strengthen today, if another decline in the US oil inventories is recorded for last week by the US Department of Energy. However, in the next trading session, the USDCAD pair will be very likely to break though the resistance level of 1.3015.
Reason for the trading strategy
The support factors of oil prices may disappear in the near future, as may the disruptions of oil supplies from Canada and Nigeria. This will create the prerequisites for Loonie weakening. It may slightly strengthen today, if another decline in the US oil inventories is recorded for last week by the US Department of Energy. However, in the next trading session, the USDCAD pair will be very likely to break though the resistance level of 1.3015.
Exness - USDCAD: consolidation in the range of 1.2835-1.3015
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