Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.39259 with take profit at 1.38740
Alternative scenario: Buy position is envisaged if price trades above 1.40092 with take profit at 1.40579.
Advance GDP q/q (USD) 1:30pm
FOMC Statement (USD) 7:00pm
Comment: The pair nears the two-week low flashed the previous day amid broad US dollar weakness and recovery moves of the oil prices. While the broad US dollar weakness keeps the Loonie sellers hopeful, the recent recovery in oil, Canada’s main export, exert additional downside pressure on the pair.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 0.65679 with take profit at 0.65970
Alternative scenario: Sell position is envisaged if price trades below 0.65100 with take profit at 0.64694
Advance GDP q/q (USD) 1:30 pm
FOMC Statement (USD) 7:00 pm
Comment: The upbeat market mood remained well supported by the slowing spread of the coronavirus, a move to re-open economies in some parts of the world and a goodish recovery in oil prices, which dented the USD's safe-haven status.
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