Morning Insights 18th March

Simon Alagbe

Analyst

Instrument: USDCAD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1.42862 with take profit at 1.44255

Alternative scenario: Sell position is envisaged if price trades below 1.41703 with take profit at 1.40967

Fundamentals:

CPI m/m 1:30 PM

Comment: The continuous fall in oil prices is responsible for weakness in the Canadian dollar while a strong pickup in the US bond yields might help revive USD demand and inspire bulls.



Instrument: GOLD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1490.46 with take profit at 1465.70

Alternative scenario: Buy position is envisaged if price trades above 1521.97 with take profit at 1545.97

Fundamentals:

No major economic data with direct bearing on the commodity.

Comment: Gold “was also hurt by the fall in oil prices, as it brought Russia’s Central Bank purchases to a halt and could possibly trigger some selling.

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