Bullish Preference: Buy if price trades above 29327 with take profit at 29878.
Bearish Preference: Sell if price trades below 28675 with take profit at 28208.
No Fundamental News
Comment: As we know COVID-19 has had its fair hit on stock prices. As prices have moved mercurially as COVID-19 poised some economic uncertainty in the US markets. Yesterday the news of a vaccine to prevent COVID-19 virus sent the markets in overdrive as the vaccine exceed expectations and there was a 90% success rate. This stream of exceptional new brought the index to a new intraday high. But this morning we can the market has been on a selling binge, but over time we can see that the 50 EMA has served as a support for this instrument and the instrument touched the 50 EMA and we expect the instrument to remain bullish.
Bullish Preference: Buy position is envisaged if price trades above 1.30335 with take profit at 1.30860.
Bearish Preference: Sell position is envisaged if price trades below 1.29035 with take profit at 1.27881.
No Fundamental News
Comment: Boost in the prices of oil has seen the price of the loonie increase as yesterday's news of a vaccine for COVID-19 ailment. The ramifications of this news are that the second wave of this coronavirus would have minimal impact, economies and companies would open back up and also energy demand would increase, making an investment in crude oil very appetizing for investors and boosting the Loonie. But for today we see that this instrument sold to a key resistant level and major currency analyst doesn't see the market falling further. So the price would correct itself to the key points mentioned above.
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