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Daily Market Analysis 13|04|2020: USDCAD

USD-CAD-960x451
Daily Analysis / Online Education

Daily Market Analysis 13|04|2020: USDCAD

Intraday: Bearish

* Technical Analysis

* Preference: A sell trade is envisaged if price trades below 1.39193 with take  profit at 1.38943

* Alternative scenario: A buy trade is envisaged  if price trades above 1.39548 with take  profit at 1.39997

* Fundamentals:
No major economic data with direct bearing on the currency pair

Comment: The pair is envisaged to break to the downside of a descending triangle formed on the 4H chart as the Loonie is expected to benefit immensely from the recent supply cut from OPEC and it’s allies.

Analysis: Education Team

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