Analyst
Intraday: Bullish
Preference: A Buy is in order if prices trade above 1.34384 with take profit at 1.34896.
Alternative scenario: Sell is in order if price trades below 1.34378 with take profit at 1.34061.
No major economic data with direct bearing on the pair.
Comment: USD has been on a free fall against the CAD, we could attribute that to several reasons like the reduction in average wage rate in the US meaning people are working more for less pay. Though the civil unrest and protests have also dented the US market, now we are seeing a surge in investors confidence that the US dollar would rise again.
Intraday: Bearish
Preference: Sell position is envisaged if prices trades below 40.32 with take profit at 38.91.
Alternative scenario: Buy position is envisaged if price trades above 41.77 with take profit at 43.02
No major economic data with direct bearing on the commodity
Comment: Yesterday saw a drop in the prices of oil, the OPEC + meetings were inconclusive as Russia and Saudi Arabia saw that member countries were not abiding by their pledge to cut production.
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