USDCAD
Oct. 9, 2015, 09:08
Sell on a level breakthrough of 1.2958 with 1.2860 target. Stop loss = 1.3010.
Reason for the trading strategy
Currently, the prices of WTI crude oil are consolidating above the strategic level of $ 50 per barrel, creating preconditions for strengthening of the Loonie. The meeting of the representatives of the major oil producing countries will be held on October 21. By the end of this year, OPEC could decide to cut oil production quotas because of the dissatisfaction with the low prices of black gold that trigger a growth of the budget deficit and a reduction of gold and foreign exchange reserves in the OPEC countries. Today, it is worth paying attention to the publication of Canada's labor market statistics for September.
USDCAD, H4
Oct. 9, 2015, 09:08
Sell on a level breakthrough of 1.2958 with 1.2860 target. Stop loss = 1.3010.
Reason for the trading strategy
Currently, the prices of WTI crude oil are consolidating above the strategic level of $ 50 per barrel, creating preconditions for strengthening of the Loonie. The meeting of the representatives of the major oil producing countries will be held on October 21. By the end of this year, OPEC could decide to cut oil production quotas because of the dissatisfaction with the low prices of black gold that trigger a growth of the budget deficit and a reduction of gold and foreign exchange reserves in the OPEC countries. Today, it is worth paying attention to the publication of Canada's labor market statistics for September.
USDCAD, H4
USDCAD: under pressure against the background of rising oil prices
