Analyst
Intraday: Bearish
Preference: A Sell position is envisaged if price trades below 24.19 with take profit at 23.3.0
Alternative scenario: Buy position is envisaged if price trades above 25.81 with take profit at 26.47
No major economic data expected today
Comment: The commodity has been on a downward spiral. This because the pandemic and destabilized the economy and the demand for oil is at a record low, yesterday WTI futures saw her price for oil go as low as negative 40. We could attribute that to the cost of oil storage, there is no demand for oil and inventories are piling up so is the cost of storage for oil. As at yesterday a lot of the major oil player considered reducing supply instead of waiting till the May date as was agreed upon by OPEC and the USA. Analysts see oil still falling lower to around $19- $20 before we see a rebound.
Intraday: Bullish
Alternative scenario: Sell position is envisaged if price trades below 1.41391 with take profit at 1.40976
Core retail sales m/m (CAD) 1:30 pm
Retail Sales m/m (CAD) 1:30 pm
Comment: The COVID 19 has seen a lot of economy destabilize and as of last week the Canadian Government decided to postpone the lockdown for another month. Yesterday, oil took a lashing in the market as price and futures prices fell to historic levels. Canada is a major oil producer and oil is a major source of sustainability for the Canadian economy, it would only be smart for investors to hedge against the shortfall of the loonie as the oil crash takes its impact on the Canadian economy.
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