Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 57.89 with take profit at 57.00
Alternative scenario: Buy position is envisaged if price trades above 58.46 with take profit at 59.44.
No major economic data
Comment: The coronavirus has reduced economic steam in Asia as investors are keeping away from the Asian sector this has also affected the supply and demand of oil from the sector, but as reported we saw crude oil inventories fall below expectation, which boosted the commodity slightly. Looking at the market technically we can see the oil is on a minor bullish trend but the major trend (bearish) is envisaged to dominate the market.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.32533 with take profit at 1.32671.
Alternative scenario: Sell if price trades below 1.32423 with take profit at 1.32265.
Core Retail Sales m/m (CAD) 2:30PM
Flash Manufacturing PMI (USD) 3:45 PM
Comment: Oil prices fell on Friday in Asia as fears about the coronavirus in China outweighed data that showed crude stockpiles rose much less than expected last week. The fall in oil is expected to cause weakness in the Canadian dollar pending the release of fundamentals later today.
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