The Loonie is approaching the support of 1.2391

February 16, 2015

USDCAD
Sell on a level breakthrough of 1.2391 with 1.2123 target. Stop loss = 1.2450.

Reason for the trading strategy
The rising prices for WTI crude oil to 53.5 dollars provided support for the Loonie. In 2015, market participants expect a reduction in oil production in the US due to a significant reduction in the prices for black gold in the summer of 2014. According to the latest oilfield services company Baker Hughes, the number of active oil wells in the US fell by 7.3% to 1,056 units last week.

USDCAD, H4

Publication source
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