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Main » 2019 » March » 6 » Forex Trading Ideas 06.03.2019: UKOIL, USDCAD
11:46
Forex Trading Ideas 06.03.2019: UKOIL, USDCAD

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Today, the focus of traders will be in Canadian currency, which is a decrease in the last few days has determined her place among the major currencies outsiders G10. In particular, pair with USDCAD last Friday recovered from the level of 1.3128 to local hai 1.3372 current session. In other words, the loss of the Canadian dollar in such a short period of time amounted to nearly 250 points. Market participants have been actively "get rid" of the Canadian dollar after the release of the inflation series of weak macroeconomic reports and the growth rate of national GDP. Little support rate have on oil prices, which have so far managed to hold above $ 65 a barrel. 

 

 

AMarkets

 

 

Further dynamics of USDCAD will depend on today's decision by the Bank of Canada interest rate. The accompanying statement of the Canadian regulator will likely have a "soft" tone since the last worsening economic data should outweigh the impact of higher oil prices. Most likely, the bank will make a traditional comment that monetary policy will continue to depend on the coming reports, however, if the parallel will be revised growth forecasts, market participants quickly enough will remember about the risks of recession, which miraculously managed to escape only in the last quarter. With that said, we are sure to hold the "long" position on USDCAD for the purpose at the level of 1.35. Such dynamics can contribute and local strengthening of the dollar, to win back the growth of yields of US Treasuries.


USDCAD BuyLimit 1,3320 TP 1,3550 SL 1,3270


Quotes of oil brand Brent (UKOIL) continues to consolidate near $ 65 per barrel, a level that is well suited for the status of psychological milestone. It is clear that buyers do not want to lose the initiative, despite the fact that the local background much more conducive to lower prices. In particular, the price of oil had a decrease in pressure forecast China's economic growth, which may affect the demand for energy. On the eve of the Chinese government reduced the target for economic growth and announced significant tax cuts in an effort to stabilize the slowing economy in the conditions of high level of debt and the trade conflict with the United States. Reference points of GDP growth in 2019 is set in the range of 6-6.5%. The lower limit of the target range is a minimum GDP growth almost three decades. Supporting the sellers had Libya plans to increase oil production after the discovery of the largest oil field of El-Sharara, which was closed in December. This could potentially lead to an increase in oil production by more than 300 thousand. Barrels per day. Partially neutralize the background able to continue production cuts by OPEC +, which is getting closer to a full implementation of the commitments to reduce oil production by 1.2 million. In the first half of 2019. Today at 18:30 GMT there are data on US oil inventories change. In the case of another reduction in oil buyers will be an occasion to return to Brent quotations above $ 66.50. Supporting the sellers had Libya plans to increase oil production after the discovery of the largest oil field of El-Sharara, which was closed in December. This could potentially lead to an increase in oil production by more than 300 thousand. Barrels per day. Partially neutralize the background able to continue production cuts by OPEC +, which is getting closer to a full implementation of the commitments to reduce oil production by 1.2 million. In the first half of 2019. Today at 18:30 GMT there are data on US oil inventories change. In the case of another reduction in oil buyers will be an occasion to return to Brent quotations above $ 66.50. Supporting the sellers had Libya plans to increase oil production after the discovery of the largest oil field of El-Sharara, which was closed in December. This could potentially lead to an increase in oil production by more than 300 thousand. Barrels per day. Partially neutralize the background able to continue production cuts by OPEC +, which is getting closer to a full implementation of the commitments to reduce oil production by 1.2 million. In the first half of 2019. Today at 18:30 GMT there are data on US oil inventories change. In the case of another reduction in oil buyers will be an occasion to return to Brent quotations above $ 66.50. Partially neutralize the background able to continue production cuts by OPEC +, which is getting closer to a full implementation of the commitments to reduce oil production by 1.2 million. In the first half of 2019. Today at 18:30 GMT there are data on US oil inventories change. In the case of another reduction in oil buyers will be an occasion to return to Brent quotations above $ 66.50. Partially neutralize the background able to continue production cuts by OPEC +, which is getting closer to a full implementation of the commitments to reduce oil production by 1.2 million. In the first half of 2019. Today at 18:30 GMT there are data on US oil inventories change. In the case of another reduction in oil buyers will be an occasion to return to Brent quotations above $ 66.50.


UKOIL BuyLimit 64,70 TP 69,50 SL 64,20


Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author Artem Deev trader analyst AMarkets.

 

 

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