08.04.2020
OPEC+ is to hold a video conference on Thursday on the proposed oil output cut. The meeting is expected to bring positive results and cause a further local growth in oil prices. This will support commodity currencies, including the Canadian dollar. CAD may continue to get stronger in the future due to the weaker USD and the subsiding impact of the coronavirus pandemic on the global economy.
Technical side:
The price is below the middle Bollinger band, below SMA 5, but above SMA 14. RSI is below 50% and growing. Stoch are growing steadily.
Trading recommendations:
Sell the pair with its probable decline to 1.3930, and then to 1.3775.
The USDCAD rate online: monitor the movement of the pair in real time.
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