The Loonie is being pulled up by oil - Forex News by FX Leaders

The Loonie is being pulled up by oil

Posted Monday, June 20, 2016 by
Skerdian Meta • 1 min read

The economic data is very light today so all that matters is the market sentiment. The market decided last Friday that it was the right time to buy oil therefore, oil prices have been going up on Friday and today as well. That has helped the Canadian Dollar a.k.a the Loonie and USD/CAD has been sliding about 300 pips from the top at 1.3080s. Now it is around the 1.2780s level. 

Meanwhile, USD/JPY opened with a 50 pip gap higher this morning triggering the take profit of our buy forex signal which we opened last Friday. It has declined slowly all day today since the market opened at the beginning of the Tokyo session. The price has reached the 104.40 level now where we can find the 50 moving average (MA) on the hourly chart which is providing support. We decided to open a buy forex signal since the stochastic is oversold too. 

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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