Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.30888 with take profit at 1.30778
Alternative scenario: Buy position is envisaged if price trades above 1.30945 with take profit at 1.31537
GDP m/m (CAD) 1:30pm
Core PCE Price Index m/m (USD) 1:30pm
Personal Spending m/m (USD) 1:30pm
Comment: The loonie gained momentum despite the recovery of the US dollar following the new framework announced by the Federal Reserve. The central bank adopted an average inflation target but sentiments are still very strong with the loonie after positive sentiments from BOC Gov Macklem yesterday.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 45.56 with take profit at 46.00
Alternative scenario: Sell position is envisaged if price trades below 44.98 with take profit at 44.58
Baker Hughes Rig Count (US) 6 PM
Jackson Hole Symposium All-day
Comment: Black gold retreated in yesterday's session because of the fears of damage to refineries along the coastline. The commodity is envisaged to recover some lost ground in the session today, as the impact of the hurricane was not as destructive to oil facilities as earlier predicted. Hurricane Laura hit Louisiana destroying buildings, trees and displacing over 650,000 people but spared the refineries from any form of damage which will further boost demand for the commodity.
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