Morning Insights 31st August

Simon Alagbe


Instrument: USDCAD

The pair remained depressed around 2-weeks low because of the weakness in the dollar arising from the uncertainty over the next move of the Federal Reserve on the tapering of the stimulus package. The commodity-backed Loonie has enjoyed a smooth sail in recent times as crude oil prices continued surging to the upside. I expect the instrument to bounce off the support zone where it is currently trading. 


The pair is trading around a strong support zone of 1.25638 and a rebound could be on the card with a stop loss just below the zone at 1.25300 and a Take Profit at 1.26610.  


Chicago PMI (USD)  2:45 PM

CB Consumer Confidence (USD)  3:00 PM

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