Analyst
Intraday: Bullish
Preference: A Buy position is envisaged if price trades above 1.42092 with take profit at 1.42645
Alternative scenario: Sell position is envisaged if price trades below 1.41458 with take profit at 1.41082
CPI m/m (CAD) 1:30 PM
Comment: For now, the main driver of the current USD/CAD upside is the downside move on the oil price front – all oil-related currencies are under pressure today. There’s a major panic in the oil market right now and it’s hard to tell when the selling stops, so USD/CAD may gain even more ground in the upcoming trading sessions if oil continues to trend down.
Intraday: Bullish
Preference: A Buy position is envisaged if price trades above 22.22 with take profit at 23.82.
Alternative scenario: Sell position is envisaged if price trades below 19.74 with take profit at 18.01
No major economic data expected today
Comment: Yesterday Oil plummeted to historic level as we saw future prices for May and June contract trading at 10USD per barrel on the WTI futures market. President Trump signalled bailing out the Oil industry while OPEC+ signalled that they may begin the cuts this month rather than by May.
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