USD/CAD Forecast: 29/06/2016
Crude Oil Reserves on the USA Storage
Weekly data on crude oil reserves in the USA are to be released on June 29, 2016. In case the data have significant deviation from the expected ones they can cause substantial movements for currency pairs with Canadian dollar (CAD).
The stocks decrease (compared to the expected rate), as a rule, leads to oil price rise and, by implication, to strengthening of the Canadian dollar. And vice versa, the stocks reduction will lead to CAD’s weakening.
In such a case a sell position on USD/CAD, opened upon the data release, can make a profit of $1,200 in a short period of time, with trading one lot.
Crude Oil Reserves on the USA Storage 29/06/2016 (21:00 GMT) forecast 100 pips - $1200