Morning Insights 11th August

Simon Alagbe

Analyst



Instrument: Oil

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 45.34 with take profit at key level 45.04

Alternative scenario: Buy if price trades above 45.73 with take profit at 46.08

Fundamentals:

No Fundamentals.

Comment: Brent has been hovering between 46.15 and 44.35 prize zones. We await the release of inventory data for insight on the direction of the instrument for the week. The instrument is envisaged to trade between the support and resistance pending the availability of the data. 





Instrument: USDCAD

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 1.32983 with take profit at key level 1.32505

Alternative scenario: Buy if price trades above 1.33249 with take profit at 1.33476

Fundamentals:

No Fundamentals.

Comment: The Loonie has been growing in strength against its counterpart the dollar, we could attribute the dollar weakness to the uncertainty coming out of the congress to renew the COVID stimulus package for the middle class. There have been philosophical fights between the democrats and the republicans on why the middle-class stimulus check should be renewed. The squabbling has made investors move to less risky investments.



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