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Daily Market Analysis 20|05|2020: USDCAD

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Daily Analysis / Online Education

Daily Market Analysis 20|05|2020: USDCAD

Intraday: Bearish

Technical Analysis

Preference: 
Sell position is envisaged if price trades below 1.39092 with take profit at 1.38737
Alternative scenario: 
Buy position is envisaged if price trades above 1.39711 with take profit at 1.40137
Fundamentals:
No major economic data with direct bearing on the commodity expected today

Comment: The Canadian dollar is on the rise amid the better market mood and oil prices remain on the rise. Private inventory data has shown a surprising draw, supporting crude prices. Inflation figures for April are due out in Canada.

Analysis: SCRUM Team 

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