USDCAD SELL OPPORTUNITY BASED ON OPEC OIL OUTPUT CUT

BECAUSE OF CORONA FEAR OIL PRICE GOT DOWN TO 42.95 LEVEL. IT'S A CONCERNING MATTER FOR ALL THE OIL PRODUCING COUNTRY. THEY ARE TRYING TO STABLE THE OIL PRICE BY CUTTING OILOUTPUT. IF THEY DO THIS, SURELY WE CAN EXPECT TO SEE OIL PRICE INCREASING. BECAUSE USDCAD EXCHANGE RATE IS STRONGLY RELATED WITH OIL PRICE MOVEMENT, I AM EXPECTING A DOWN MOVE IN USDCAD PAIR.

THERE ARE STILL A FEW THINGS TO CONSIDER IN THIS TRADE, THOSE ARE BOC RATE CUT AND FED RATE CUT. BITH THIS CENTRAL BANK ARE IN A RATE CUT CYCLE MODE. SO, I BELIEVE THERE IS NO CENTRAL BANK DIVERGENCE THERE ( situation can get changed and hints could be found in central bank's monetary policy statement).

I AM HOPING OIL PRICE WILL BE THE MARKET MOVER FACOR IN THIS TRADE. I WOULD LIKE TO SEE OIL PRICE TOUCHING 55 LEVEL AND USDCAD GOING DOWN ALONG WITH IT.

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SOMETHING ABOUT ME

I only trade AUD AND NZD related pairs and some major fundamentals events. I closely monitor CHINEESE STOCK MARKET, NEWZEALAND AND AUSTRALIAN ECONOMY to do my analysis.

After years of fx trading, I've found, it's best to trade with 1 or 2 currency pairs. Narrow focus brings the best result in the forex market.

I try to post and update my trade ideas every week. Follow me, if you like my analysis.
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