Analyst
Intraday: Bearish
Preference: sell at current price with take profit at 1.32705.
Alternative scenario: Buy position is envisaged if price trades above 1.32856 with take profit at 1.32950.
No major economic data
Comment: Traders look towards Friday's set of data for the US and Canadian Dollar. That being said, the strength in oil is expected to give the Canadian dollar some sort of strength against the Dollar.
Intraday: Bullish
Preference: Buy if price trades above 56.38 price with take profit at 57.13
Alternative scenario: Sell position is envisaged if price trades below 55.92 with take profit at 55.27.
No major economic data
Comment: Markets appear more sanguine about the economic impact of coronavirus as a result of the new discovery that drugs Abidol and Darunavir can be used to treat patients, although the disease continues to spread. China surprisingly announced that it would halve tariffs on a range of US goods from February 14, in a move Beijing said was aimed at advancing the health and stability of US-China trade.
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Adefuwa Ayodele