Long Positions Suggested on USDCAD – US Inventory Build Drives Crude And CAD Lower

USDCAD trimmed yesterday’s slide after the U.S Energy Information Administration reported that the country’s crude stocks increased by 2.5 million barrels last week. The additional amount in U.S inventories didn’t surprise markets as the API had reported an even bigger advance at 4.5 million barrels added in the week through August 19. An uptick in U.S crude output has had an adverse effect on crude prices as well as the commodity-based Canadian dollar.

Trade suggestion

Buy Limit at 1.29465, Take profit at 1.29857, Stop loss at 1.29350

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