Analyst
Intraday: Bearish
Preference: Sell if price trades below 1.42035 with take profit at 1.41835
Alternative scenario: Buy if price trades above 1.43042 with take profit at 1.44024
Unemployment Claims (USD) 1:30pm
Comment: Seeing that the proposed US COVID stimulus package approval is still being used as a political tool as the democrats and republics have not fully agreed on the areas the package would go to, the dollar shows further weakness as the virus keeps spreading; meanwhile, Canadian dollar regained steam and took advantage of the weak dollar. on the weekly chart, this pair shows a rejected bearish candle which still states that this pair would continue its bearish move today.
Intraday: Bullish
Preference: Buy if price trades above 1.09354 with take profit at 1.09554
Alternative scenario: Sell if price trades below 1.08408 with take profit at 1.07444
Unemployment Claims (USD) 1:30pm
Comment: Despite the $2 trillion stimulus package approved for US businesses yesterday by the senate, cases of COVID 19 still rising continues in the US which scares more investors away; likewise, the US unemployment claims which is to come today is projected by the analyst to rise up to 1m people, seeing that companies are laying off staff during this period; hence, a global sell-off on the US dollar is expected. Furthermore, the EURO zone is set to approve 156 billion euros for the citizen healthcare while also keeping companies afloat, which is relatively a better decision than what the US senate made. Hence, a bullish move on the euro is expected today.
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