Does OPEC meeting results support the Canadian Dollar ?
Everyone is waiting for what the OPEC and non-OPEC allies meeting will come out today 6/06/2020.
So then they agree to reduce production or increase the rate of production reduction, it will be a strong support for oil prices and thus will support the rise of the Canadian dollar.
And If there is no agreement ,the petroleum price will descend, and therefore it is possible to push the Canadian Dollar down.
Technically, the pair is moving inside a right triangle. Any breakout of the upper side of the triangle at 1.7120 represents an opportunity to buy. Any break of the lower side of the triangle and the uptrend represents an opportunity to sell.
Buying Targets: the first target is 1.7346, and the second target is 1.7625
Selling targets: the first target is 1.6640, the second target is 1.6503, and the third target is 1.6176.
So then they agree to reduce production or increase the rate of production reduction, it will be a strong support for oil prices and thus will support the rise of the Canadian dollar.
And If there is no agreement ,the petroleum price will descend, and therefore it is possible to push the Canadian Dollar down.
Technically, the pair is moving inside a right triangle. Any breakout of the upper side of the triangle at 1.7120 represents an opportunity to buy. Any break of the lower side of the triangle and the uptrend represents an opportunity to sell.
Buying Targets: the first target is 1.7346, and the second target is 1.7625
Selling targets: the first target is 1.6640, the second target is 1.6503, and the third target is 1.6176.