FXStreet (Edinburgh) - Strategist at TD Securities Cristian Maggio has recommended going long USD/RUB on further RUB-weakness. Key Quotes “Our commodity strategists think that in the near-term there is further downside in oil prices”… Furthermore, US production has remained steadfast, OPEC is signalling an increased production, and Iran seems ready to flood European markets as it attempts to grow market share”. “We expect WTI to break below $40/bbl in the not too distant future. This represents a fall of at least 5.5% from the current spot evel of around $42.35/bbl, which should bear negative consequences for an oil-reliant currency such as RUB”. “For these reasons, we now recommend long USDRUB positions with a target of 69.10, and a stop of 64.4. With spot currently at around 66, this represents a spot return of approximately 4.5% over an investment horizon of two to four weeks”. For more information, read our latest forex news.