Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.35955 with take profit at 1.35687.
Alternative scenario: Buy position is envisaged if price trades above 1.36203 with take profit at key level 1.36472.
Employment Change CAD 1:30pm
Comment: Despite yesterday's bullish move, USDCAD hit a verified resistance and is expected to trade bearish today especially with the positive fundamentals expected by 1:30 pm today.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 41.75 with take profit at 42.09
Alternative scenario: Sell position is envisaged if price trades above 41. 46 with take profit at 41.15
No major economic data with direct bearing on this commodity
Comment: Prices have started to fall in recent times and this has been due to lingering fears in the market of another lockdown around the world. With increased cases, no cure and a huge disregard for Social distancing around the world, it is expected that Covid would affect demand and this is been reflected on the market at the moment.
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