Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 41.00 with take profit at 40.75
Alternative scenario: Buy position is envisaged if price trades below 42.00 with take profit at 42.25
No major economic data with direct bearing on the commodity
Comment: Oil has been pressured by the decline in demand in an oversupplied market amidst rising COVID19 new infections.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.31225 with take profit at key level 1.31578
Alternative scenario: Sell position is envisaged if price trades below 1.30814 with take profit at 1.30452
No major economic data with a direct impact on the pair
Comment: The loonie pair marks the second day of run-up as market sentiment favours the US dollar index (DXY) ahead of the US and Canadian traders’ return from the extended weekend. Also strengthening the quote could be the sustained weakness of Canada’s key export item oil.
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