Daily Market Analysis 21|04|2020: USDCAD

Intraday: Bullish

Technical Analysis

A Buy position is envisaged if price trades above 1.41860 with take profit at 1.42532.
Alternative scenario: 
Sell position is envisaged if price trades below 1.41391 with take profit at 1.40976
Core retail sales m/m (CAD) 1:30 pm
Retail Sales m/m (CAD) 1:30 pm

Comment: The COVID 19 has seen a lot of economy destabilize and as of last week the Canadian Government decided to postpone the lockdown for another month. Yesterday, oil took a lashing in the market as price and future prices fell to historic levels. Canada is a major oil producer and oil is a major source of sustainability for the Canadian economy, it would only be smart for investors to hedge against the shortfall of the loonie as the oil crash takes its impact on the Canadian economy.

Analysis: SCRUM Team

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