CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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24.02.202010:47 Forex Analysis & Reviews: Decline in oil prices triggered a drop in the CAD's rate

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Exchange Rates 24.02.2020 analysis

The main news this weekend is the spread of coronavirus outside of China which led to a drop in oil prices from $ 53 to $ 52. This is due to the concern of investors regarding the slowdown in the global economy and a decrease in global consumption of black gold.

Exchange Rates 24.02.2020 analysis

This led to a weakening of the Canadian dollar, as Canada is one of the largest suppliers of oil to the market, and the exchange rate of the American dollar against the Canadian dollar jumped sharply:

Exchange Rates 24.02.2020 analysis

We have already made recommendations for buying this instrument last week, and the news confirms the correctness of the chosen direction. If you do not have time to cling to this movement, I recommend picking up this instrument from the pullbacks in longs, forming a common long position.

Have a successful trading and control the risks.

Andrey Shevchenko
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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