Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.41997 with take profit at 1.42332.
Alternative scenario: Sell position is envisaged if price trades below 1.41615 with take profit at 1.41400
GDP m/m (CAD) 1:30 PM
Chicago PMI (USD) 2:45 PM
CB Consumer Confidence (USD) 3 PM
Comment: The dollar index is quite on a strong ride this morning and the bullish move of the pair doesn't seem deterred even as Oil markets rebounded after recent sharp losses on Tuesday, but the outlook remained grim as the pandemic continued to hurt demand while the market was still oversupplied as a price war between Saudi Arabia and Russia remained unresolved.
Intraday: Bearish
Preference: Sell position is envisaged at current price with take profit at 1.09570
Alternative scenario: Buy position is envisaged if price trades above 1.09570 with take profit at 1.10523.
Chicago PMI (USD) 2:45 PM
CB Consumer Confidence (USD) 3 PM
Comment: The pair is currently trading towards a support region but the dollar index is strong at the moment and should propel the pair on a downward spiral.
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