The negotiations between OPEC members to be completed today in Algeria will have a considerable influence on quotes of the commodity currencies. As expected, there will be no agreement on cutting the world’s oil production. Due to that reason we recommend to purchase the USD/CAD from the current price to 1.3290; stop – 1.3120.
The currency pair is at the support level of 100.00, we recommend a short position, short – 100.81; SL – 101.40; TP – 100.05.
The recommended prices for the market entry are: short – 1.1200; SL – 1.1230; TP – 1.1125.