Morning Insights 13th April

Simon Alagbe

Analyst

Instrument: USDCAD

Intraday: Bearish

Technical Analysis

Preference: A sell trade is envisaged if price trades below 1.39193 with take  profit at 1.38943

Alternative scenario: A buy trade is envisaged  if price trades above 1.39548 with take  profit at 1.39997

Fundamentals:

No major economic data with direct bearing on the currency pair

Comment: The pair is envisaged to break to the downside of a descending triangle formed on the 4H chart as the Loonie is expected to benefit immensely from the recent supply cut from OPEC and it's allies.



Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: A buy trade is envisaged if price trades above 1.09721 with take  profit at 1.09919

Alternative scenario: A sell trade is envisaged if price trades below 1.09478 with take  profit at 1.09264

Fundamentals:

No major economic data with direct bearing on the currency pair

Comment: The common currency has been on a front foot against the Greenback, taking full advantage of the current weakness in the later. The pair is currently testing a verified resistance with a breakout to the upside envisaged. 

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