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Oil prices have been fluctuating lately in anticipation of news of Iran nuclear deal talks. There is some progress in negotiations between the US and Iran, which put pressure on prices. The new agreement could lead to the lifting of sanctions on oil exports from Iran, which is likely to cause oil prices to fall.
Market participants are also evaluating data from the American Petroleum Institute (API), released on Tuesday. According to these data, oil inventories in the United States fell by 2 million barrels in the reporting week, while gasoline inventories decreased by 1.1 million barrels. This is a positive factor for oil prices and CAD.
CAD may also receive support today from the publication (at 15:30 GMT) of the US Department of Energy's weekly report (oil market analysts predict a decrease in US oil inventories).
So far, in general, the positive dynamics of USD/CAD remains with the prospect of growth towards the upper border of the rising channel on the weekly chart, passing through the level of 1.3100, with intermediate targets at the resistance levels of 1.2740 (Fibonacci 38.2% of the downward correction in the USD/CAD growth wave 0.9700 to 1.4600), 1.2870, 1.2960 (12-month highs and 2021 highs).
Support levels: 1.2691, 1.2670, 1.2630, 1.2600, 1.2540, 1.2455, 1.2290, 1.2165, 1.2010
Resistance levels: 1.2720, 1.2740, 1.2870, 1.2900, 1.2960, 1.3100
Trading scenarios
USD/CAD: Sell Stop 1.2665. Stop Loss 1.2720. Take-Profit 1.2630, 1.2600, 1.2540, 1.2455, 1.2290, 1.2165, 1.2010
Buy Stop 1.2720. Stop Loss 1.2665. Take-Profit 1.2740, 1.2870, 1.2900, 1.2960, 1.3100
