Preference: Sell position is envisaged if price trades below 1.32161 with take profit at key level 1.31737.
Alternative scenario: Buy position is envisaged if price trades above 1.32698 with take profit at 1.33107
Overnight Rate (CAD) 3.00 pm
BOC Rate Statement (CAD) 3.00 pm
Comment: The loonie has seen its shortfall in the market as the price of oil took a hit. At the moment investors would look at the Bank rate statement for further guidance on the outlook of the economy. The skilled management of the Canadian government exhibited pre and post-Covid gave investors optimism. But investors would be on the lookout for dovish or hawkish statements in the speech.
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 above 39.03 with take profit at 38.15.
No major economic data with a bearing on the commodity
Comment: Oil prices declined as there was a decline in demand for crude oil products. A rebound in Covid-19 cases has seen in some countries like India, Great Britain, Spain and some parts of the United States have doused recovery sentiment. The outbreaks are threatening to slow global economic recovery and reduce the demand for fuels from aviation gas to diesel. The record supply cuts by the OPEC + though have helped stabilize the price of oil. But investors are sceptical if OPEC + would have another trick up their sleeves to further stabilize the price of Oil.
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