Morning Insights 12th December

Razvan Mihai


Instrument: USDCAD

Intraday: Bullish

Technical Analysis

Preference:  Buy position is envisaged at 1.31758 with take profit at 1.32022

Alternative scenario: Sell position is envisaged if price trades below  1.31542 with take profit at 1.31345


BOC Gov Poloz Speaks 6:30 pm (CAD)

Comment: USDCAD was forced downward yesterday, however it closed at a support zone. A bounce-back is envisaged today as a correction for yesterday's bearish move.

Instrument: EURUSD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below  1.11311 with take profit at 1.11090

Alternative scenario: Buy position is envisaged at 1.11434 with take profit at 1.11670


Main Refinancing Rate 1;45pm (EUR)

Monetary Policy Statement 1;45pm (EUR)

ECB Press Conference 2:30 (EUR)

Comment: The Euro gained strength after the Federal Reserve Bank dovish stance on rate decisions, however, price is currently at a resistance, hence a retracement is envisaged today.

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