Buy on a level breakthrough of 1.2992 with 1.3100 target. Stop loss = 1.2942.
Reason for the trading strategy
Last week decrease in the US oil inventories by 4.2 million barrels provided support for oil prices, allowing the USD/CAD pair to test the level of 1.2866 in an instant. However, market participants began to buy the world's reserve currency again before the publication of data on the US GDP for Q2 2015. Yesterday, the US Federal Reserve signaled that an increase in the federal funds rate will depend on the health of the US economy.