Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.31084 with take profit at key level 1.30655
Alternative scenario: Buy position is envisaged if price trades above 1.32438 with take profit at 1.33693
Fed Chair Powell Speaks (USD) 2:10 pm
BOC Gov Macklem Speaks (CAD) 4:15 pm
Jackson Hole Symposium (USD) All-day
Comment: The current gradual devaluation of the dollar embarked upon by the FED is still pressuring the greenback amidst the hurricane in the gulf of Mexico. The expected reduction in supply of Oil because of the impact of the hurricane on oil facilities will serve as a boost to Oil prices (Canada's major export product) hence, a bearish stance on USDCAD is being envisaged.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above key level at 1.18540 with take profit at 1.19000
Alternative scenario: Sell position is envisaged if price trades below 1.17666 with take profit at key level 1.17000
Fed Chair Powell Speaks (USD) 2:10 pm
Jackson Hole Symposium (USD) All-day
Comment: The overall bearish out look of the dollar could remain the same even after Jerome Powell's remark as he may only give a short-term boost to the dollar which would only pull back the pair for better entries. The only reason we would see a longer term strong dollar is through an increased global market fear which would boost its world reserve currency/safe haven appeal. It is envisaged that the EURO will trade bullish today. Although it is best to wait till it crosses above the key level as stated.
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