Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.30636 with take profit at 1.30542.
Alternative scenario: Buy position is envisaged if price trades above 1.30767 with take profit at 1.30878
Manufacturing Sales m/m (CAD) 2:30 pm
Comment: Technically this instrument has been ranging on the hourly time frame and the expectation of oil strengthening could strengthen the loonie against the buck. Also the manufacturing sales data coming out by 2:30pm which is a leading indicator of economic health would have an impact on the instrument being bullish or bearish.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 64.60 with take profit at 64.95.
Alternative scenario: Sell position is envisaged if price trades below 64.43 with take profit at 64.11.
No major economic data with direct bearing on the commodity.
Comment: Oil prices look to gain for today as anti-government protest demand permanent employment contracts. Furthermore, two major oil fields in Libya were shut down on Sunday after forces loyal to Russian - backed Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level. Also due to turmoil in the middle east, Bank of America Global Research raised its 2020 oil price forecast.
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